Murrey Math Lines 05.12.2022 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
On H4, the quotes are above the 200-day Moving Average, which signifies prevalence of an uptrend. However, the RSI is nearing the overbought area. As a result, the quotes are expected to test 7/8 (1.0620), a bounce off it, and falling to the support level of 5/8 (1.0376). The scenario can be cancelled by rising over 7/8 (1.0620), in which case the pair should continue growing and reach 8/8 (1.0742).
On M15, the lower line of VoltyChannel is too far from the current price, so a signal to fall will be a bounce off 7/8 (1.0620) on H4.
GBPUSD, “Great Britain Pound vs US Dollar”
The situation of the GBPUSD chart is similar. On H4, the quotes are above the 200-day Moving Average, and the RSI is nearing the overbought area. A test of 7/8 (1.2451) is expected, followed by a bounce off it and falling to the support level of 5/8 (1.1962). The scenario can be cancelled by rising over the resistance level of 7/8 (1.2451), which might provoke further growth to 8/8 (1.2695).
On M15, the lower line of VoltyChannel is too far from the current price, so a signal to fall will be a bounce off 7/8 (1.2451) on H4.
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.