EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still consolidating inside the “overbought zone” between the 8/8 and 1/8 levels. The H4 Super Trend is a support level. As a result, on Wednesday the price may break the local high and test the 2/8 level.
At the H1 chart, the pair is trading between Super Trends again. Later, price may resume moving upwards and break the 2/8 level. In this case, the lines at the chart will be redrawn.
GBP JPY “Great Britain Pound vs Japanese Yen”
Yesterday, the GBP/JPY pair broke the 1/8 level and right now is trying to rebound from the 0/8 one, which may be tested once again during the day. If the price rebounds from this level one more time, the market may start a new ascending correction towards the 2/8 one.
At the H1 chart, the market is testing the 5/8 level and the H1 Super Trend. If the price rebounds from these levels, the pair may fall to reach the 4/8 one and then start a new bullish correction with the target at the 6/8 level.
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.