Murrey Math Lines 27.02.2023 (EURUSD, GBPUSD)

EURUSD, “Euro vs US Dollar”

On H4, the quotes are under the 200-day Moving Average, indicating prevalence of a downtrend. However, the RSI has reached the oversold area, hinting on possible development of a correction. As a result, a test of 2/8 (1.0498) should be expected, followed by a bounce off it and growth of the price to the resistance level of 3/8 (1.0620). The scenario can be cancelled by a downward breakaway of the support level of 2/8 (1.0498). In this case, the pair should go on falling down to 1/8 (1.0376).

On M15, the upper line of VoltyChannel is too far from the current price, so growth can only be indicated by a bounce off 2/8 (1.0498) on H4.

GBPUSD, “Great Britain Pound vs US Dollar”

On H4, the situation is similar. The quotes are under the 200-day Moving Average, meaning prevalence of a downtrend, and the RSI has reached the oversold area. Here an upward breakaway of 2/8 (1.1962) is expected, followed by growth to the resistance level of 3/8 (1.2085). The scenario can be cancelled by further falling of the pair to the support level of 1/8 (1.1840).

On M15, growth of the quotes can be additionally supported by a breakaway of the upper border of VoltyChannel.