Murrey Math Lines 06.02.2023 (EURUSD, GBPUSD)

By RoboForex.com

EURUSD, “Euro vs US Dollar”

On H4, the quotes are above the 200-day Moving Average, indicating prevalence of an uptrend. The RSI is nearing the oversold area. Currently, we expect a test of 4/8 (1.0742), a bounce off it, and growth to the resistance level of 5/8 (1.0742). The scenario can be cancelled by a downward breakaway of the support level of 4/8 (1.0742), in which case the trend might reverse, and the price may drop to 3/8 (1.0620).

On M15, an additional signal confirming growth of the price will be a breakaway of the upper border of VoltyChannel.

GBPUSD, “Great Britain Pound vs US Dollar”

On H4, the quotes have broken through the 200-day Moving Average and are now below it, which indicates possible development of a downtrend. However, the RSI is in the oversold area. As a result, the quotes are expected to rise above 3/8 (1.2085) and then reach the resistance level of 4/8 (1.2207). The scenario can be cancelled by a downward breakaway of 2/8 (1.1962). In this case, the quotes should keep falling and reach 1/8 (1.1840).

On M15, a breakaway of the upper border of VoltyChannel will increase the probability of price growth to 4/8 (1.2207) on H4.

Article By RoboForex.com

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