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Murrey Math Lines 06.02.2023 (EURUSD, GBPUSD)

06.02.2023

EURUSD, “Euro vs US Dollar”

On H4, the quotes are above the 200-day Moving Average, indicating prevalence of an uptrend. The RSI is nearing the oversold area. Currently, we expect a test of 4/8 (1.0742), a bounce off it, and growth to the resistance level of 5/8 (1.0742). The scenario can be cancelled by a downward breakaway of the support level of 4/8 (1.0742), in which case the trend might reverse, and the price may drop to 3/8 (1.0620).

EURUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, an additional signal confirming growth of the price will be a breakaway of the upper border of VoltyChannel.

EURUSD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

On H4, the quotes have broken through the 200-day Moving Average and are now below it, which indicates possible development of a downtrend. However, the RSI is in the oversold area. As a result, the quotes are expected to rise above 3/8 (1.2085) and then reach the resistance level of 4/8 (1.2207). The scenario can be cancelled by a downward breakaway of 2/8 (1.1962). In this case, the quotes should keep falling and reach 1/8 (1.1840).

GBPUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, a breakaway of the upper border of VoltyChannel will increase the probability of price growth to 4/8 (1.2207) on H4.

GBPUSD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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.


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