Murrey Math Lines 03.04.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
On H4, EURUSD quotes are above the 200-day Moving Average, which reveals the prevalence of an uptrend. The RSO is testing the support line. The quotes are currently expected to rise above 5/8 (1.0803) and reach the resistance at 6/8 (1.0864). The scenario can be canceled by a downwards breakout of the support at 4/8 (1.0742), which might lead to a trend reversal and a decline to the level of 3/8 (1.0681).
On M15, the upper line of the VoltyChannel indicator is too far away of the current price, so further growth of the quotes can be triggered by a breakout of 5/8 (1.0803) on H4.
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, the quotes are above the 200-day Moving Average, indicating the prevalence of an uptrend. The RSI is nearing the oversold area. In these circumstances, we expect a test of 4/8 (1.2207), a rebound from it, and growth to the resistance at 6/8 (1.2451). The scenario can be canceled is the price breaks the level of 4/8 (1.2207) downwards. In this case, the pair may drop to the support at 3/8 (1.2085).
On M15, after a rebound from 4/8 (1.2207), an additional trigger for the growth of the quotes will be a breakout of the upper border of VoltyChannel.
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