Murrey Math Lines 13.05.2024 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes are below the 200-day Moving Average on D1, indicating a prevailing downtrend. The RSI is testing the resistance line. In this situation, the price is expected to break the 4/8 (1.0772) level and decline to the support at 3/8 (1.0620). The scenario might be cancelled by surpassing the 5/8 (1.0864) level, which might lead to a trend reversal, pushing the pair up to the 6/8 (1.0986) resistance level.
On M15, a breakout of the VoltyChannel lower line will increase the probability of a price decline.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are below the 200-day Moving Average on D1, indicating a prevailing downtrend. The RSI has rebounded from the resistance line. In this situation, the price is expected to break below the 2/8 (1.2451) level and fall to the support at 1/8 (1.2329). The scenario could be cancelled by surpassing the 3/8 (1.2573) level, which might lead to a trend reversal, propelling the pair to the 4/8 (1.2695) resistance level.
On M15, the price decline could be additionally supported by a breakout of the lower line 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.