Murrey Math Lines 16.01.2023 (EURUSD, GBPUSD)

murrey-math-lines-1601.2023-(eurusd,-gbpusd)

EURUSD, “Euro vs US Dollar”

On H4, the quotes are in the overbought area. A divergence has appeared on the RSI. As a result, a bounce off +1/8 (1.0864) is to happen, followed by falling to the support level of 7/8 (1.0620). The scenario can be cancelled by rising over the resistance level of +1/8 (1.0864). In this case, growth of the pair will continue, and the quotes may reach +2/8 (1.0986).

On M15, a breakaway of the lower line of VoltyChannel will increase the probability of falling.

GBPUSD, “Great Britain Pound vs US Dollar”

On H4, the quotes are above the 200-day Moving Average, which indicates prevalence of an uptrend. However, a divergence has appeared on the RSI. In the end, a test of 4/8 (1.2207) is expected, followed by falling to the support level of 3/8 (1.2085). The scenario can be cancelled by a breakaway of the resistance level of 5/8 (1.2329) upwards. In this case, the pair may reach 6/8 (1.2451).

On M15, falling of the pair can be additionally supported by a breakaway of the lower line of VoltyChannel.

Source: Roboforex

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