EUR USD, “Euro vs. US Dollar”
At the H4 chart, the uptrend continues. Today, the EUR/USD pair is expected to test the resistance at the 8/8 level (1.1962), break it, and then grow towards the next resistance at the 1/8 one.
As we can see at the H1 chart, the price has broken the consolidation range between the 3/8 and 5/8 levels to the upside, and right now is still moving upwards. Later, the pair is expected to continue growing to reach the first target at the 8/8 level (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 moving upwards.
GBP USD, “Great Britain Pound vs US Dollar”
As we can see at the H4 chart, the GBP/USD pair is trading inside the “overbought zone”, above the resistance at the 8/8 level. However, it’s rather risky to consider selling the instrument from here, because the price may break the 2/8 level. In this case, the lines at the chart will be redrawn and the situation may transform into “buying” instead of “selling”.
At the H1 chart, the situation is clearer and easier to predict in comparison with the H4 one. The pair has left the consolidation range by breaking the 5/8 level (1.3488) and right now is expected to test it once again. If the instrument rebounds from this level, it may continue moving upwards to reach main target, which is the resistance at the 8/8 one (1.3671).
At the M15 chart, the pair broke the upside line of the VoltyChannel indicator on November 28th and has been growing ever since.
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.