Murrey Math Lines 24.07.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI is approaching the oversold area. In this situation, a rebound from 6/8 (1.1108) is expected, followed by a rise to the resistance level of 8/8 (1.1230). The scenario can be cancelled by a downward breakout of the support at 6/8 (1.1108). In this case, the pair could continue falling and might drop to 5/8 (1.1074).
On M15, the growth of the pair might be additionally supported by a breakout of the upper boundary of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has broken the resistance line. In these circumstances, a test of 6/8 (1.2939) is expected, followed by a rise to the resistance at 7/8 (1.3061). The scenario can be cancelled by a downward breakout of 5/8 (1.2817), which could lead to a trend reversal and a drop to the support level of 4/8 (1.2695).
On M15, a breakout of the upper line of the VoltyChannel could increase the probability of a price increase.
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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