Murrey Math Lines 26.02.2024 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes are on the 200-day Moving Average on H4, revealing a lack of any trend. The RSI is testing the support line. As a result, in this situation, the quotes are expected to rise above 3/8 (1.0833), later reaching the resistance at 5/8 (1.0894). The scenario could be cancelled by a downward breakout of the support at 2/8 (1.0803), in which case the pair might drop to the 0/8 (1.0742) level.
On M15, a breakout of the upper boundary of the VoltyChannel could increase the probability of the price increase.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes have rebounded from the resistance level of 8/8 (1.2695) on H4. The RSI has broken the support line. In this situation, a breakout of 7/8 (1.2634) is expected, followed by a price drop to the support at 6/8 (1.2573). The scenario could be cancelled by rising above 8/8 (1.2695). In this case, the quotes might grow to the resistance at +1/8 (1.2756).
On M15, the price decline could be additionally supported by a breakout of the lower 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.