Murrey Math Lines 31.07.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes are near the 200-day Moving Average on H4, which indicates the absence of any trend. The RSI has broken the resistance line. In these circumstances, the price is expected to break the 5/8 (1.1074) level and continue to grow to the resistance at 6/8 (1.1108). The scenario can be cancelled by a downward breakout of the support at 4/8 (1.0986). In this case, the pair might drop to 3/8 (1.0925).
On M15, price growth 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, indicating a prevailing uptrend. The RSI has broken the resistance line. In these circumstances, the quotes are expected to test the 2/8 (1.2939) level, break it and rise to the resistance at 3/8 (1.3061). The scenario can be cancelled by a downward breakout of 1/8 (1.2817), which might lead to a trend reversal and a decline to the support at 0/8 (1.2695).
On M15, another breakout of the upper line of the VoltyChannel will 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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