Murrey Math Lines 29.04.2024 (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 testing 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 surpassing the 4/8 (1.0772) level. In this case, the pair could reach the resistance at 5/8 (1.0864).

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. The RSI is approaching the resistance line. In this situation, the price is expected to test the 3/8 (1.2573) level and rebound, falling to the support at 2/8 (1.2451). The scenario could be cancelled by a breakout of the 3/8 (1.2573) level, which might lead to a trend reversal, pushing the pair up to the resistance at 4/8 (1.2695).

On M15, the lower line of the VoltyChannel is too far away from the current price, so a rebound from the 3/8 (1.2573) level on D1 will signal the price decline.