Murrey Math Lines 10.06.2024 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes have broken below the 200-day Moving Average on D1, indicating a potential downtrend. The RSI has breached the support line. In this situation, the price is expected to break below the 4/8 (1.0772) level and decline to the support at 3/8 (1.0620). The scenario could be cancelled by a rebound from the 4/8 (1.0772) level, which might lead to a rise to the resistance at 5/8 (1.0864).
On M15, the lower line of the VoltyChannel is broken, which increases the probability of a price decline.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes remain in the overbought area on D1. The RSI has breached the support line. In this situation, the price is expected to break below the 8/8 (1.2695) level and decline to the support at 7/8 (1.2573) support. The scenario could be cancelled by surpassing the +1/8 (1.2817) level. In this case, the pair might rise to the resistance at +2/8 (1.2939).
On M15, the lower line of the VoltyChannel is broken, which increases the probability of a price decline.
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.