Murrey Math Lines 12.02.2024 (EURUSD, GBPUSD)

EURUSD, “Euro vs US Dollar”

EURUSD quotes have rebounded from the 0/8 (1.0742) level on H4 and started growing. The RSI has risen above the resistance line. In this situation, the quotes are expected to rise above 1/8 (1.0803), subsequently reaching the resistance at 2/8 (1.0864). The scenario could be cancelled by a downward breakout of the support at 0/8 (1.0742), in which case the pair might fall to the -1/8 (1.0681) level.

On M15, the upper boundary of the VoltyChannel is broken. This increases the probability of a further price rise.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is testing the resistance line. In this situation, a rebound from 3/8 (1.2634) is expected, followed by a price decline to the support at 2/8 (1.2573). The scenario could be cancelled by rising above 3/8 (1.2634). In this case, the pair might climb to the resistance at 4/8 (1.2695).

On M15, the lower boundary of the VoltyChannel is too far from the current price, so the decline can start after a rebound from the 3/8 (1.2634) level on H4.