Murrey math lines: EUR/USD, GBP/USD
EUR/USD, “Euro vs US Dollar”
EUR/USD quotes rebounded from the resistance level at 8/8 (1.0986) on H4, suggesting the potential development of a corrective movement. The RSI has exited the overbought area. In this situation, the price is expected to test the 5/8 (1.0864) level, rebound from it, and rise to the resistance at 8/8 (1.0986). The scenario could be cancelled by rising above the resistance at 8/8 (1.0986). In this case, the pair might maintain its upward trajectory, climbing to the +2/8 (1.1047) level.
On M15, the price decline could be confirmed by a breakout of the lower boundary of the VoltyChannel.
GBP/USD, “Great Britain Pound vs US Dollar”
GBP/USD quotes are above the 200-day Moving Average on H4, which indicates a prevailing uptrend. However, the RSI is in the overbought area. As a result, in this situation, the price is expected to test the 6/8 (1.2817) level, rebound from it, and rise to the resistance at 8/8 (1.2939). The scenario could be cancelled by a breakout of 6/8 (1.2817). In this case, the pair might drop to the support at 4/8 (1.2695).
On M15, after rebounding from the 6/8 (1.2817) level, the price rise could be confirmed by a breakout of the upper boundary of the VoltyChannel.
Author
RoboForex Team
RoboForex
RoboForex Team is a group of professional financial experts with high experience on financial market, whose main purpose is to provide traders with quality and up-to-date market information.
