Murrey Math Lines 02.05.2024 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes are below the 200-day Moving Average on D1, indicating a prevailing downtrend. However, the RSI has surpassed the resistance line. In this situation, the price is expected to test the 4/8 (1.0772) level and break above it, rising to the resistance at 5/8 (1.0864). The scenario might be cancelled by a rebound from the 4/8 (1.0772) level. In this case, the pair could fall to the support at 3/8 (1.0620).
On M15, the upper boundary of the VoltyChannel is broken, which increases the probability of a further price rise.
GBPUSD, “Great Britain Pound vs US Dollar”
The GBPUSD chart shows a similar situation, with the quotes hovering below the 200-day Moving Average on D1, indicating a prevailing downtrend. However, the RSI has surpassed the resistance line. In this situation, the price is expected to break above the 3/8 (1.2573) level and rise to the resistance at 4/8 (1.2695). The scenario might be cancelled by a rebound from the 3/8 (1.2573) level, pushing the pair down to the support at 2/8 (1.2451).
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.