Murrey math lines: EUR/USD, GBP/USD
|EUR/USD, “Euro vs US Dollar”
EUR/USD quotes are below the 200-day Moving Average on D1, indicating a prevailing downtrend. The RSI is approaching the resistance line. In this situation, the price is expected to test the 4/8 (1.0772) level, rebound from it, and decline to the support at 2/8 (1.0498). The scenario might be cancelled by a breakout of the 3/8 (1.0620) level. In this case, the pair could maintain its downward trajectory without corrective growth, falling to the support at 2/8 (1.0498).
On M15, following a rebound from the 4/8 (1.0772) level, the price decline could be additionally supported by a breakout of the lower line of the VoltyChannel.
GBP/USD, “Great Britain Pound vs US Dollar”
GBP/USD quotes are below the 200-day Moving Average on D1, which indicates a prevailing downtrend. However, the RSI has reached the oversold area. In this situation, the price is expected to surpass the 2/8 (1.2451) level and rise to the resistance at 3/8 (1.2573). The scenario could be cancelled by a breakout of the 1/8 (1.2329) level. In this case, the pair might decline to the support at 0/8 (1.2207).
On M15, a breakout of the upper line of the VoltyChannel will increase the probability of price growth.
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