Murrey Math Lines 05.02.2024 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes and the RSI are nearing their oversold areas on H4. In this situation, a test of the 0/8 (1.0742) is expected, followed by a rebound from it and a rise to the resistance at 2/8 (1.0864). The scenario could be cancelled by a downward breakout of the support at 0/8 (1.0742), in which case, the pair might drop to -1/8 (1.0681).
On M15, after a rebound from 0/8 (1.0742) on H4, the price rise could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes have broken the 200-day Moving Average on H4 and currently rest below it, revealing the probability of a downtrend development. The RSI has broken the support line. In this situation, a test of the 2/8 (1.1512) level is expected, followed by breaching it and falling to the support at 1/8 (1.2512). The scenario could be cancelled by rising above 3/8 (1.2634), in which case, the pair might reach above the resistance at 4/8 (1.2695).
On M15, the lower boundary of the VoltyChannel is broken, which increases the probability of a further price decline.
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.