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Murrey Math Lines 04.12.2023 (EURUSD, GBPUSD)

EURUSD, “Euro vs US Dollar”

EURUSD quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has reached the oversold area. In this situation, a rebound from 5/8 (1.0864) is expected, followed by a rise to the resistance at 6/8 (1.0986). The scenario could be cancelled by a downward breakout of the support at 5/8 (1.0864). In this case, the pair might drop to 4/8 (1.0742).

Murrey Math Lines 04.12.2023 EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the price growth could be additionally supported by a breakout of the upper boundary of the VoltyChannel.

Murrey Math Lines 04.12.2023 EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD quotes have reached the overbought area on H4. The RSI is approaching the resistance line. In these circumstances, a rebound from 8/8 (1.2695) is expected, followed by a decline to the support at 6/8 (1.2451). The scenario could be cancelled by rising above the 8/8 (1.2695) level. In this case, the pair might rise to the resistance at 1/8 (1.2329).

Murrey Math Lines 04.12.2023 GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, a breakout of the lower boundary of the VoltyChannel could increase the probability of a price decline.

Murrey Math Lines 04.12.2023 GBPUSD
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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