Murrey Math Lines 20.05.2024 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes have broken above the 200-day Moving Average on D1, indicating the potential development of an uptrend. The RSI has surpassed the resistance line. In this situation, the price is expected to rise further to 6/8 (1.0986). The scenario might be cancelled by a breakout of the 5/8 (1.0864) level, pushing the pair down to the 4/8 (1.0772) support level.
On M15, the upper line of the VoltyChannel is broken, which increases the probability of a price rise.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend. The RSI has surpassed the resistance line. In this situation, the price is expected to rise further to 5/8 (1.2695). The scenario could be cancelled by a breakout of the 3/8 (1.2573) level, which might lead to a trend reversal, pushing the pair to the 2/8 (1.2451) support level.
On M15, the upper line of the VoltyChannel is broken, which indicates a prevailing uptrend and increases the probability of a 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.