Murrey Math Lines 19.02.2024 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes have risen above 0/8 (1.0681), escaping the oversold area. The RSI is testing the resistance line. In this situation, the quotes are expected to grow above the 1/8 (1.0803) level, 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 this case, the pair could drop to -1/8 (1.0681).
On M15, a breakout of the upper boundary of the VoltyChannel could increase the probability of the 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 the 3/8 (1.2634) level is expected, followed by a price decline to the support at 1/8 (1.2512). The scenario could be cancelled by rising above 3/8 (1.2512), which could entail a trend reversal and make the pair grow to the resistance at 4/8 (1.2695).
On M15, after a breakout of the 3/8 (1.2634) level, the decline could be additionally supported by a breakout of the lower 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. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.