Murrey Math Lines 08.11.2021 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
On H4, the quotations are trading under the 200-days Moving Average, which indicates a prevailing downtrend. The quotations might now reach 5/8, break through it, and fall to the support level of 4/8. The scenario can be canceled by a breakaway of 6/8 upwards. In this case, the quotations might rise to the resistance level of 7/8.
On M15, another signal supporting the decline can be a breakaway of the lower border of VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, the quotations have bounced off 0/8. This might be an indicator of a correction. Hence, we expect a breakaway of 1/8 and further growth to the resistance level of 3/8. The scenario can be canceled by a breakaway of 0/8 downwards. In this case, the price will go on falling and might reach the support level of -2/8.
On M15, a breakaway of the upper border of VoltyChannel will make growth to 3/8 on H4 more probable.
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.