Murrey Math Lines 17.07.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes have reached the overbought area on H4. The RSI has broken the support line. In this situation, a rebound from 8/8 (1.1230) is expected, followed by a drop to the support at 6/8 (1.1108). The scenario can be cancelled by rising above the resistance at +1/8 (1.1291). In this case, the pair might increase to +2/8 (1.1352).
On M15, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are nearing the overbought area on H4. The RSI is testing the support line. In this situation, a test of 8/8 (1.3183) is expected, followed by a rebound from this level and a drop to the support at 6/8 (1.2939). The scenario can be cancelled by rising above the resistance at 8/8 (1.3183). In this case, the pair could continue growing and rise to +1/8 (1.3305).
On M15, after a test of the resistance level at 8/8 (1.3183), a breakout of the lower boundary of the VoltyChannel could serve as an additional signal for a price drop.
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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