Murrey Math Lines 03.10.2022 (EURUSD, GBPUSD)

03.10.2022

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, EURUSD is trading below the 200-day Moving Average, thus indicating a possible descending tendency. The Relative Strength Index is correcting towards the trendline. In this case, the price is expected to break 1/8 (0.9765) and continue falling to reach the support at -1/8 (0.9643). Still, this scenario may no longer be valid if the price breaks the resistance at 1/8 (0.9887) to the upside. After that, the instrument resume growing towards 2/8 (1.0009).

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 downside line of the VoltyChannel indicator and, as a result, continue trading downwards.

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”

As we can see in the H4 chart, GBPUSD is also trading below the 200-day Moving Average to indicate a descending tendency. The Relative Strength Index has broken the ascending trendline. In this case, the price is expected to test 1/8 (1.0986), break it, and then continue falling to reach the support at 0/8 (1.0742). Still, this scenario may no longer be valid if the price breaks the resistance 2/8 (1.1230) to the upside. After that, the instrument may continue the correction towards 3/8 (1.1474).

GBPUSD_H4
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 downside line of the VoltyChannel indicator and, as a result, may continue its decline to reach 0/8 from the H4 chart.

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

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