Murrey Math Lines 18.03.2024 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. The RSI is approaching the oversold area. In this situation, a test of the 4/8 (1.0864) level is expected, followed by a rebound from this mark and a price rise to the resistance at 7/8 (1.0955). The scenario could be cancelled by a breakout of 4/8 (1.0864), which might lead to a trend reversal and a price decline to 2/8 (1.0832).
On M15, after a rebound from the 4/8 (1.0864) level, the price growth could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
On the GBPUSD chart, the situation looks similar. The quotes are above the 200-day Moving Average, indicating the prevalence of an uptrend, and the RSI is nearing the overbought area. In this situation, a test of 4/8 (1.2695) is expected, followed by a breakout of this level and a rise to the resistance at 6/8 (1.2817). The scenario might be cancelled by a breakout of 4/8 (1.2695), which could lead to a trend reversal and a price decline to 3/8 (1.2634).
On M15, after a rebound from 4/8 (1.2695), the price growth could be additionally supported by a breakout of the upper boundary 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.