Murrey Math Lines 06.03.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
On H4, the quotes are in the oversold area. The RSI has pushed off the support level and is aiming up. As a result, the price should rise above 0/8 (1.0742) and grow to the resistance level of 1/8 (1.0864). The scenario can be cancelled by a downward breakaway of the support level of -1/8 (1.0620). In this case, the decline might continue, and the quotes might reach -2/8 (1.0498).
On M15, the upper line of VoltyChannel is broken away. This increases the probability of further growth of the price.
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, revealing prevalence of a downtrend. The RSI is nearing the resistance level. As a result, a downwards breakaway of 1/8 (1.2023) is expected, followed by a decline to the support level of -1/8 (1.1901). The scenario can be cancelled by rising above 2/8 (1.2085), which might lead to a trend reversal and growth to the resistance level of 3/8 (1.2146).
On M15, the drop can be additionally supporter by a breakaway of the lower border of VoltyChannel.
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