Murrey Math Lines 20.02.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, revealing prevalence of a downtrend. The RSI is testing the resistance line. Next, a test of 3/8 (1.0620) should be expected, followed by a breakaway and a decline to the support level of 2/8 (1.0498). The scenario can be cancelled by rising above the resistance level of 4/8 (1.0742), which might lead to a trend reversal and growth to the resistance level of 5/8 (1.0864).
On M15, a breakaway of the lower line of VoltyChannel will increase the probability of further falling.
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, revealing prevalence of a downtrend. The RSI is testing the support line. Here, a downward breakaway of 2/8 (1.1962) is expected, followed by falling to the support level of 1/8 (1.1840). The scenario can be cancelled by rising above the resistance level of 3/8 (1.2085). In this case, the pair may rise to 4/8 (1.2207).
On M15, a breakaway of the lower border of VoltyChannel might become an additional signal confirming the decline.
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