Murrey Math Lines 01.04.2024 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes have broken the 200-day Moving Average on D1 and are currently below it, which reveals the probability of a downtrend development. The RSI has broken the support line. In this situation, a breakout of the 4/8 (1.0772) level is expected, followed by a price decline to the support at 3/8 (1.0620). The scenario might be cancelled by rising above 5/8 (1.0864), in which case, the pair could rise to the resistance at 6/8 (1.0986).
On M15, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are above the 200-day Moving Average on D1, revealing the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, the quotes are expected to rise above 4/8 (1.2695), after which the price might reach the resistance at 5/8 (1.2817). The scenario could be cancelled by a breakout of 3/8 (1.2573), which might make the trend reverse and the pair drop to the support at 2/8 (1.2541).
On M15, a breakout of the upper boundary of the VoltyChannel might increase the probability of further 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.