Murrey Math Lines 15.05.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
On H4, EURUSD quotes have broken the 200-day Moving Average and are now below it, indicating the development of a downtrend. However, the RSI has reached the oversold area. As a result, the pair is expected to break 2/8 (1.0864) and rise to the resistance at 5/8 (1.0925). The scenario can be cancelled by a downward breakout of 1/8 (1.0803). In this case, the quotes could go on falling and reach the support level of 0/8 (1.0742).
On M15, an additional signal confirming the growth of the price could become a breakout of the upper line of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, the quotes are above the 200-day Moving Average, revealing the prevalence of an uptrend. The RSI has reached the oversold area. In these circumstances, the quotes are expected to rebound from 4/8 (1.2451) and rise to the resistance at 6/8 (1.2573). The scenario can be cancelled by a downward breakout of 4/8 (1.2451), which might end up in a trend reversal and a decline to the support at 3/8 (1.2390).
On M15, a breakout of the upper border of the VoltyChannel will increase the probability of growth to 6/8 (1.2573) 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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