Murrey Math Lines 29.01.2024 (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 has rebounded from the resistance line. In this situation, a downward breakout of the 1/8 (1.0803) level is expected, followed by a price decline to the support at 0/8 (1.0742). The scenario could be cancelled by rising above the resistance at 2/8 (1.0864), which could lead to a trend reversal and a price rise to 4/8 (1.0986).

On M15, the price decline could additionally be 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, revealing the prevalence of an uptrend. The RSI is testing the support line. In this situation, a rebound from the 4/8 (1.2695) level is expected, followed by a price rise to the resistance at 6/8 (1.2817). The scenario could be cancelled by a downward breakout of the support at 4/8 (1.2695). In this case, the pair might drop to the 3/8 (1.2634) level.

On M15, a breakout of the upper boundary of the VoltyChannel could increase the probability of a price rise to 6/8 (1.2817) on H4.