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Murrey Math Lines 10.10.2022 (EURUSD, GBPUSD)

10.10.2022

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, EURUSD is trading within the “oversold area” again. The Relative Strength Index is approaching 30, which is a border of the above-mentioned area. In this case, the price is expected to break the resistance at 0/8 (0.9765) and continue growing to reach 1/8 (0.9887). Still, this scenario may no longer be valid if the price breaks the support at -1/8 (0.9643) to the downside. After that, the instrument and fall towards -2/8 (0.9521).

EURUSDH4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the M15 chart, the pair may break the upnside line of the VoltyChannel indicator and, as a result, continue trading upwards.

EURUSD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

In the H4 chart, GBPUSD is trading below the 200-day Moving Average to indicate a descending tendency. The Relative Strength Index is testing the descending trendline. In this case, the price is expected to test 5/8 (1.0986), break it, and then continue falling to reach the support at 4/8 (1.0742). Still, this scenario may no longer be valid if the price breaks the resistance 6/8 (1.1230) to the upside. After that, the instrument may grow towards 7/8 (1.1474).

GBPUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.

GBPUSD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.


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