Murrey Math Lines 22.04.2024 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes are below the 200-day Moving Average on D1, indicating a prevailing downtrend. The RSI is approaching the resistance line. In this situation, the price is expected to test the 4/8 (1.0772) level, rebound from it, and decline to the support at 2/8 (1.0498). The scenario might be cancelled by a breakout of the 3/8 (1.0620) level. In this case, the pair could maintain its downward trajectory without corrective growth, falling to the support at 2/8 (1.0498).
On M15, following a rebound from the 4/8 (1.0772) level, the price decline could be additionally supported by a breakout of the lower line of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are below the 200-day Moving Average on D1, which indicates a prevailing downtrend. However, the RSI has reached the oversold area. In this situation, the price is expected to surpass the 2/8 (1.2451) level and rise to the resistance at 3/8 (1.2573). The scenario could be cancelled by a breakout of the 1/8 (1.2329) level. In this case, the pair might decline to the support at 0/8 (1.2207).
On M15, a breakout of the upper line of the VoltyChannel will increase the probability of price growth.
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.