Murrey Math Lines 22.05.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, revealing the prevalence of a downtrend. The RSI is approaching the resistance line. In this situation, a downward breakout of 1/8 (1.0803) is expected, followed by a decline to the support at 0/8 (1.0742). The scenario can be cancelled by rising above 2/8 (1.0864). In this case, the pair could climb to the resistance at 3/8 (1.0925).
On M15, a breakout of the lower border of the VoltyChannel will serve as an additional signal for the price decline.
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, revealing the prevalence of a downtrend. The RSI is testing the resistance line. In this situation, a downward breakout of 4/8 (1.2451) is expected, followed by a decline to the support at 2/8 (1.2329). The scenario can be cancelled by rising above the resistance at 5/8 (1.2512), which could lead to a trend reversal and growth of the pair to 6/8 (1.2573).
On M15, a breakout of the lower border of the VoltyChannel will increase the probability of a decline to 2/8 (1.2329) on H4.
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.