Murrey Math Lines 09.01.2024 (EURUSD, GBPUSD)
EURUSD, "Euro vs US Dollar"
EURUSD quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI is testing the resistance line. In this situation, the quotes are expected to rise above the 4/8 (1.0986) level and reach the resistance at 5/8 (1.1047). The scenario could be cancelled by a downward breakout of the support at 3/8 (1.0925), which could lead to a trend reversal and a decline to the 2/8 (1.0864) 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 above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has risen above the resistance line. In this situation, further price growth to 7/8 (1.2878) is expected. The scenario could be cancelled by a downward breakout of the support at 4/8 (1.2695). In this case, the pair might drop to the 3/8 (1.2634) level.
On M15, the upper boundary of the VoltyChannel is breached, which increases 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.