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Murrey Math Lines 02.05.2024 (EURUSD, GBPUSD)

EURUSD, “Euro vs US Dollar”

EURUSD quotes are below the 200-day Moving Average on D1, indicating a prevailing downtrend. However, the RSI has surpassed the resistance line. In this situation, the price is expected to test the 4/8 (1.0772) level and break above it, rising to the resistance at 5/8 (1.0864). The scenario might be cancelled by a rebound from the 4/8 (1.0772) level. In this case, the pair could fall to the support at 3/8 (1.0620).

Murrey Math Lines 02.05.2024 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, which increases the probability of a further price rise.

Murrey Math Lines 02.05.2024 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”

The GBPUSD chart shows a similar situation, with the quotes hovering below the 200-day Moving Average on D1, indicating a prevailing downtrend. However, the RSI has surpassed the resistance line. In this situation, the price is expected to break above the 3/8 (1.2573) level and rise to the resistance at 4/8 (1.2695). The scenario might be cancelled by a rebound from the 3/8 (1.2573) level, pushing the pair down to the support at 2/8 (1.2451).

Murrey Math Lines 02.05.2024 GBPUSD
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, which increases the probability of a further price rise.

Murrey Math Lines 02.05.2024 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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