Murrey Math Lines 02.05.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
On H4, the quotes are above the 200-day Moving Average, which reveals the prevalence of an uptrend. The RSI has revoundrd from the support line. In this situation, the quotes are expected to rise above 2/8 (1.0986) and reach the resistance at 3/8 (1.1108). The scenario can be canceled by a downward breakout of 1/8 (1.0864), which could lead to a trend reversal and a decline to the support level of 0/8 (1.0742).
On M15, a breakout of the upper border of the VoltyChannel indicator will increase the probability of growth to 3/8 (1.1108) on H4.
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, the quotes are above the 200-day Moving Average, which reveals the prevalence of an uptrend. The RSI is testing the support line. In these circumstances, the pair is expected to step over 7/8 (1.2573) and reach the resistance at 8/8 (1.2695). The scenario can be canceled by a downwards breakout of 6/8 (1.2329), in which case the pair could drop to the support at 5/8 (1.2329).
On M15, growth of the pair can be additionally supported by a breakout of the upper order of VoltyChannel.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.