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Murrey Math Lines 07.11.2022 (EURUSD, GBPUSD)

EURUSD, “Euro vs US Dollar”

On H4, the quotes have broken through the 200-day Moving Average and are going above it, which signifies possible development of an uptrend. However, the RSI is nearing the overbought area. As a result, we should expect a test of 2/8 (1.0009), a bounce off it, and falling to the support level of 0/8 (0.9765). The scenario can be cancelled by an upward breakaway of the resistance level of 2/8 (1.0009). This may lead to further growth of the pair to 3/8 (1.0131).

Murrey Math Lines 07.11.2022 EURUSDH4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, an additional signal confirming the decline will be a breakaway of the lower border of VoltyChannel.

Murrey Math Lines 07.11.2022 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”

On H4, the quotes have broken through the 200-day Moving Average and are going below it, which signifies possible development of a downtrend. The RSI is testing the resistance line. Currently, we should expect a downward breakaway of the support level of 6/8 (1.1230) and falling to 5/8 (0.0986). The scenario can be cancelled by an upward breakaway of the resistance level of 7/8 (1.1474). In this case, the pair may reach 8/8 (1.1718).

Murrey Math Lines 07.11.2022 GBPUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, a breakaway of the lower line of VoltyChannel will increase the probability of price falling to 5/8 (0.0986) on H4.

Murrey Math Lines 07.11.2022 GBPUSD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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