Murrey Math Lines 26.06.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
On H4, the quotes are above the 200-day Moving Average, indicating the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, the quotes are expected to rise above 3/8 (1.0925) and thus reach the resistance level of 4/8 (1.0986). The scenario can be cancelled by a downward breakout of 2/8 (1.0864), which might lead to a trend reversal and a decline to the support level of 1/8 (1.0803).
On M15, the rise on H4 might be additionally supported by a breakout of the upper line of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, the quotes are in the overbought area. The RSI is nearing the resistance line. In this situation, a downward breakout of 8/8 (1.2695) is expected, followed by a drop to the support level of 7/8 (1.2573). The scenario can be cancelled by rising above the resistance level of +1/8 (1.2939), which might bring the pair up to +2/8 (1.2939).
On M15, a new breakout of the lower border of the VoltyChannel could increase the probability of a further price decline.
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.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.