Murrey math lines: EUR/USD, GBP/USD
|EUR/USD, “Euro vs US Dollar”
EUR/USD quotes are in the oversold area on H4. The RSI has broken the resistance line. In this situation, the quotes are expected to break the -1/8 (1.0681) level and rise to the resistance at 0/8 (1.0742). The scenario can be cancelled by a downward breakout of the support at -2/8 (1.0620), which will reshuffle the Murrey indication so that new price targets will be set.
On M15, the price increase could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
GBP/USD, “Great Britain Pound vs US Dollar”
GBP/USD quotes are under the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is testing the resistance level. In this situation, a test of 5/8 (1.2329) is expected, followed by a breakout of this level and a decline to the support at 4/8 (1.2207). The scenario can be cancelled by rising above the resistance at 6/8 (1.2451). In this case, the pair could correct to 7/8 (1.2573).
On M15, the lower boundary of the VoltyChannel is broken. This indicates the prevalence of a downtrend and a high probability of a further decline.
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