Murrey Math Lines 28.08.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD are approaching the oversold area. The RSI is testing the resistance line. In this situation, a test of 0/8 (1.0742) is expected, followed by a rebound from this level and a rise to the resistance at 2/8 (1.0864). The scenario can be cancelled by a downward breakout of the support at 0/8 (1.0742). In this case, the decline of the pair might continue, so the quotes might drop to -1/8 (1.0681).
On M15, after a test of 0/8 (1.0742), the price rise could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are in the oversold area on H4. The RSI has broken the resistance line. In these circumstances, a rebound from -1/8 (1.2573) is expected, followed by a rise to the resistance at 1/8 (1.2817). The scenario can be cancelled by a downward breakout of -1/8 (1.2573), in which case the pair might drop to the support at -2/8 (1.2451).
On M15, a breakout of the upper boundary of the VoltyChannel could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
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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