EUR USD, “Euro vs. US Dollar”
At the H4 chart, the EUR/USD pair tried to test the resistance at the 8/8 level (1.1962), but failed and right now is once again moving below the 7/8 one. At the moment, the price is expected to test the 6/8 level (1.1840), rebound from it, and then resume growing towards the resistance at the 8/8 one.
As we can see at the H1 chart, the price has broken the 5/8 level (1.1871) and right now is consolidating. At the moment, the price is trying to break the above-mentioned level to the upside. In case it succeeds to fix above 1.1871, the instrument may continue moving upwards without testing the 4/8 one (1.1840).
GBP USD, “Great Britain Pound vs US Dollar”
At the H4 chart, the GBP/USD pair is trading inside the “overbought zone”, above the resistance at the 8/8 level. In this case, one may consider opening short positions only after the price breaks the 8/8 level (1.3427) with the downside target at the 5/8 one (1.3244). If the pair breaks the 2/8 level, the ascending tendency may continue. At the moment, the upside target aren’t very clear, because after the price breaks the 2/8 level, the lines at the chart will be redrawn, and new targets may be seen only after that. However, one may take a look at the H1 chart and see possible targets there.
If the ascending tendency continues at the H4 chart, then it will be easier to define upside target at the H1 one. If the pair breaks the 5/8 level (1.3488), the instrument may continue moving upwards to reach the resistance at the 8/8 one (1.3671).
As we can see at the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may resume trading to the downside.
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.