Murrey Math Lines 08.04.2024 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes have broken above the 200-day Moving Average on D1, indicating a potential uptrend. The RSI has broken the resistance line. In this situation, the price is expected to break the 5/8 (1.0864) level, rising to the resistance at 6/8 (1.0986). The scenario might be cancelled by a breakout of the 4/8 (1.0772) level. In this case, the pair could decline to the support at 3/8 (1.0620).
On M15, the price rise could be additionally supported by a breakout of the upper line of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are above the 200-day Moving Average on D1, which indicates a prevailing uptrend. The RSI has broken the resistance line. In this situation, the price is expected to surpass the 4/8 (1.2695) level and rise to the resistance at 5/8 (1.2817). 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 down to the support at 2/8 (1.2451).
On M15, a breakout of the upper line of the VoltyChannel will 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.