EUR USD, “Euro vs. US Dollar”
As we can see at the H4 chart, the EUR/USD pair hasn’t been able to decide where to move since last Friday. Right now, the price is still trading close to the 3/8 level at 1.1657. Later, the instrument is expected to break it and move upwards to reach the 5/8 one at 1.1779.
At the H1 chart, last Friday the pair broke the 5/8 level at 1.1627 to the upside, fixed above it, and didn’t break it backwards, which means that it may continue growing towards 1.1779. This scenario may be cancelled only if the instrument breaks the 5/8 level downwards.
As we can see at the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue moving upwards to reach 1.1779.
GBP USD, “Great Britain Pound vs US Dollar”
At the H4 chart, the GBP/USD pair is consolidating between the 3/8 and 5/8 levels. The price is expected to test the 4/8 level at 1.3183, rebound from it, and continue falling towards the 3/8 one at 1.3061.
At the H1 chart, the pair is also consolidating inside the range between the 3/8 and 5/8 levels, but here the channel is narrower that at the H4 chart. If the price breaks the 3/8 level at 1.3122 and fixes below it, the instrument may continue falling towards the support at the 0/8 one at 1.2939. However, the pair may yet test the 4/8 level at 1.3183.
As we can see at the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue moving downwards.
RoboForex Analytical Department
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.