Murrey Math Lines 03.07.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD on H4 is above the 200-day Moving Average, indicating the prevalence of an uptrend. The RSI has broken the resistance line. In this situation, the price is expected to break the level of 3/8 (1.0925) and rise to the resistance level of 5/8 (1.1074). The scenario can be cancelled by a downward breakout of 2/8 (1.0864), which could lead to a trend reversal and a decline to the support level of 1/8 (1.0803).
On M15, the upper line of the VoltyChannel is broken. This indicates the prevalence of an uptrend and increases the probability of a further price rise.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are in the overbought area on H4. The RSI is testing the resistance line. In this situation, the price is expected to break the level of 0/8 (1.2695) downwards and drop to the support at 6/8 (1.2451). The scenario can be cancelled by rising above the resistance at +1/8 (1.2939). In this case, the pair could rise to +2/8 (1.2939).
On M15, a breakout of the lower line of the VoltyChannel could increase the probability of a price drop to 6/8 (1.2451) on H4.
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.
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