EUR USD "Euro vs. US Dollar"
The day before the pair failed to hold above the 5/8 level and this suggests a possible resume of declining. The nearest target is 4/8 level which is strengthened by the daily Super Trend. In case of a breakout of the indicator line the market might fall further towards 3/8.
On 1-H chart we saw a break through 7/8 level which is a fairly powerful bearish signal. During the day we can see how the pair tests 4/8 level. If this level is broken through, the bears will have carte blanch for further move down.
GBP USD "Great Britain Pound vs. US Dollar"
The British Pound organized a rebound from 8/8 level, after which the market held under the 4-H Super Trend line. If the pair is able to hold under 6/8 level, in the short term a decline towards the 4/8 level will be possible.
On the 1-H trend, the Super Trend lines have formed a "bearish cross". It is very likely that in the near-term the market tests 4/8 level. If this level is broken through, the price can fall even further.
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