As we can see in the H4 chart, EURUSD is still moving inside the “overbought area”. In this case, the price is expected to break 1/8 and continue falling towards the closest support at 8/8. However, this scenario may no longer be valid if the price breaks the resistance at 2/8 to the upside. After that, the lines at the chart will be redrawn, thus helping to define new upside targets.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, GBPUSD has been trading at 8/8 for several weeks now. The current situation implies that the price may break this level and then continue growing with the target at 1/8. However, this scenario may no longer be valid if the price breaks the support at 7/8 to the downside. After that, the instrument may continue falling to reach 5/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue moving upwards.