EUR USD, “Euro vs. US Dollar”
As we can see at the H4 chart, the EUR/USD pair has broken the consolidation range between the 3/8 and 5/8 levels to the upside and right now is trading towards the resistance at 8/8 level (1.1962). However, the price may yet break the 5/8 level downwards and resume consolidating to reach the 3/8 one at 1.1657.
The lines at the H4 and H1 charts are completely the same, but unfortunately they don’t make things clearer. The price may either break the 5/8 level at (1.1779) and continue falling towards 1.1657, or break the 6/8 one (1.1840) and start moving upwards to reach 1.1962.
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 trading to the upside and reach 1.1962.
GBP USD, “Great Britain Pound vs US Dollar”
At the H4 chart, the GBP/USD pair is trading close to the 5/8 level (1.3244). If the price breaks this level, the instrument may continue growing towards the resistance at the 8/8 one (1.3427).
As we can see at the H1 chart, the pair hasn’t broken the 2/8 level yet, so there is a possibility that it may resume falling. The scenario that implies a new descending movement may come into effect after the price breaks the 1/8 level at (1.3214). In this case, the target will be the support at the 5/8 level (1.3092).
At the M15 chart, the pair is trading above the downside line of the VoltyChannel indicator, which means that it continue moving upwards.
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.