Murrey Math Lines 04.03.2024 (EURUSD, GBPUSD)
EURUSD, "Euro vs US Dollar"
EURUSD quotes have broken the 200-day Moving Average on H4 and are currently above it, indicating the development of an uptrend. The RSI has broken the resistance line. As a result, in this situation, the 4/8 (1.0864) level is expected to break, with the price rising to the resistance at 5/8 (1.0894). The scenario could be cancelled by a breakout of the support at 3/8 (1.0833), in which case the pair could drop to 1/8 (1.0772).
On M15, the upper boundary of the VoltyChannel is broken, increasing the probability of further price growth.
GBPUSD, "Great Britain Pound vs US Dollar"
On the GBPUSD chart, the situation is similar. The quotes broke the 200-day Moving Average and remained above it, indicating an uptrend development, while the RSI breached the resistance line. In this situation, the quotes are expected to rise above 8/8 (1.2695), subsequently reaching the resistance at +1/8 (1.2576). The scenario could be cancelled by breaking the 7/8 (1.2634) level, in which case, the pair could drop to the support at 6/8 (1.2573).
On M15, the upper boundary of the VoltyChannel is broken, increasing the probability of a further price rise.
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.