Murrey Math Lines 22.01.2024 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is testing the resistance line. In this situation, a downward breakout of the 2/8 (1.0864) level is expected, followed by a price decline to the support at 1/8 (1.0803). The scenario might be cancelled by rising above the resistance level of 3/8 (1.0925), which could lead to a trend reversal and a price rise to the 4/8 (1.0986) level.
On M15, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. In this situation, the quotes are expected to rise above 5/8 (1.2756), subsequently reaching the resistance at 7/8 (1.2817). The scenario could be cancelled by a downward breakout of the support at 4/8 (1.2695), in which case, the pair might drop tp the 3/8 (1.2634) level.
On M15, the upper boundary of the VoltyChannel is broken, 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.