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Murrey Math Lines 03.06.2024 (EURUSD, GBPUSD)

EURUSD, “Euro vs US Dollar”

EURUSD quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend. The RSI has rebounded from the support line. In this situation, the price is expected to surpass the 5/8 (1.0864) level and rise to the resistance at 6/8 (1.0986). The scenario could be cancelled by a breakout of the 4/8 (1.0772) level, which might lead to a trend reversal, pushing the pair to the 3/8 (1.0620) support level.

Murrey Math Lines 03.06.2024 EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the upper line of the VoltyChannel is broken, which increases the probability of a price rise.

Murrey Math Lines 03.06.2024 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 in the overbought area on D1. The RSI has breached the support line. In this situation, the price is expected to break below the 8/8 (1.2695) level and decline to the support at 7/8 (1.2573) support. The scenario could be cancelled by surpassing the 1/8 (1.2817) level. In this case, the pair might rise to the resistance at 2/8 (1.2939).

Murrey Math Lines 03.06.2024 GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the price decline might be additionally supported by a breakout of the VoltyChannel lower line.

Murrey Math Lines 03.06.2024 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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