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Murrey Math Lines 12.02.2024 (EURUSD, GBPUSD)

EURUSD, “Euro vs US Dollar”

EURUSD quotes have rebounded from the 0/8 (1.0742) level on H4 and started growing. The RSI has risen above the resistance line. In this situation, the quotes are expected to rise above 1/8 (1.0803), subsequently reaching the resistance at 2/8 (1.0864). The scenario could be cancelled by a downward breakout of the support at 0/8 (1.0742), in which case the pair might fall to the -1/8 (1.0681) level.

Murrey Math Lines 12.02.2024 EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the upper boundary of the VoltyChannel is broken. This increases the probability of a further price rise.

Murrey Math Lines 12.02.2024 EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is testing the resistance line. In this situation, a rebound from 3/8 (1.2634) is expected, followed by a price decline to the support at 2/8 (1.2573). The scenario could be cancelled by rising above 3/8 (1.2634). In this case, the pair might climb to the resistance at 4/8 (1.2695).

Murrey Math Lines 12.02.2024 GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the lower boundary of the VoltyChannel is too far from the current price, so the decline can start after a rebound from the 3/8 (1.2634) level on H4.

Murrey Math Lines 12.02.2024 GBPUSD
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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