EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, EURUSD is still trading inside the “oversold zone”. Market players still can’t decide on the pair’s further movements, thus making it highly volatile. The lines in the chart haven’t been redrawn yet, which means that the price may yet continue growing. In this case, the price may break the 0/8 level and continue rising to reach the resistance at the 2/8 one.
However, in the H1 chart the scenario is completely different. While the H4 chart indicates a possible further growth, the H1 one shows a bearish trend, because last week the price left the “overbought zone” and tested the first significant downside target at the 5/8 level. If the price breaks this level, it may continue moving downwards to reach the support at the 2/8 one.
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, GBPUSD is trying to fix inside the consolidation range. In this case, there are two possible scenarios of further price movements. According to the first scenario, the price may fix above the 3/8 level and continue growing to reach the resistance at the 5/8 one. The second one implies that the instrument may break the 2/8 level and continue trading downwards and reach the support at the 0/8 one.
As we can see in the H1 chart, the pair has rebounded from the 8/8 level. In this case, the instrument may resume moving downwards to reach the first target at the 5/8 level.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
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.