Murrey Math Lines 07.08.2023 (EURUSD, GBPUSD)

07.08.2023

EURUSD, “Euro vs US Dollar”

EURUSD quotes have broken the 200-day Moving Average on H4 and are now below it, which indicates a potential downtrend. The RSI has rebounded from the resistance line. In this situation, a downward breakout of the support at 4/8 (1.0986) is expected, followed by a decline to the level of 2/8 (1.0864). The scenario can be cancelled by a breakout of the resistance at 5/8 (1.1074). In this case, the pair could rise to 6/8 (1.1108).

EURUSDH4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the price decline might be additionally supported by a breakout of the lower boundary of the VoltyChannel.

EURUSD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. The RSI has rebounded from the resistance line. In this situation, the price is expected to test the 0/8 (1.2695) level, break it, and fall to the support at -1/8 (1.2634). The scenario can be cancelled by an upward breakout of 1/8 (1.2756), which could help the pair reach the resistance at 2/8 (1.2817).

GBPUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, a breakout of the lower line of the VoltyChannel could increase the probability of a price drop.

GBPUSD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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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