Murrey Math Lines 11.03.2024 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes rebounded from the resistance level at 8/8 (1.0986) on H4, suggesting the potential development of a corrective movement. The RSI has exited the overbought area. In this situation, the price is expected to test the 5/8 (1.0864) level, rebound from it, and rise to the resistance at 8/8 (1.0986). The scenario could be cancelled by rising above the resistance at 8/8 (1.0986). In this case, the pair might maintain its upward trajectory, climbing to the +2/8 (1.1047) level.
On M15, the price decline could be confirmed 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 H4, which indicates a prevailing uptrend. However, the RSI is in the overbought area. As a result, in this situation, the price is expected to test the 6/8 (1.2817) level, rebound from it, and rise to the resistance at 8/8 (1.2939). The scenario could be cancelled by a breakout of 6/8 (1.2817). In this case, the pair might drop to the support at 4/8 (1.2695).
On M15, after rebounding from the 6/8 (1.2817) level, the price rise could be confirmed by a breakout of the upper boundary of the VoltyChannel.
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.