Murrey math lines: EUR/USD, GBP/USD
|EUR/USD, “Euro vs US Dollar”
EUR/USD quotes are below the 200-day Moving Average on D1, revealing the prevalence of a downtrend. However, the RSI has reached the oversold area. In this situation, a rebound from the 3/8 (1.0620) level is expected, followed by a rise to the resistance at 4/8 (1.0772). This move is interpreted as a correction of the downtrend. The scenario could be cancelled by a breakout of the 3/8 (1.0620) level, in which case the pair might drop to the support at 2/8 (1.0498).
On M15, the price rise might be supported by a breakout of the upper boundary of the VoltyChannel.
GBP/USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair stands below the 200-day Moving Average on D1, revealing the prevalence of a downtrend. The RSI has broken the support line. In this situation, a further decline to the nearest support at 1/8 (1.2329) might follow. The scenario could be cancelled by rising above 2/8 (1.2451), in which case the quotes might correct to the resistance at 3/8 (1.2573).
On M15, the lower boundary of the VoltyChannel is broken, which increases the probability of a further price decline.
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