Murrey Math Lines 14.08.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes are under the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is testing the support line. In these circumstances, a downward breakout of 3/8 (1.0925) is expected, followed by a decline to the support at 2/8 (1.0864). The scenario can be cancelled by rising above the resistance at 4/8 (1.0986). In this case, the pair could rise to 5/8 (1.1074).
On M15, the lower boundary of the VoltyChannel is broken. This increases the probability of a further decline.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are in the oversold area on H4. The RSI is nearing the support line. In this situation, the price is expected to rise above 0/8 (1.2695), later reaching the resistance level of 2/8 (1.2817). The scenario can be cancelled by a downward breakout of -1/8 (1.2634). In this case, the pair could drop to the support level of -2/8 (1.2573).
On M15, price growth could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
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