EURUSD, “Euro vs US Dollar”
On H4, the quotes are above the 200-day Moving Average, which indicates an uptrend. However, the RSI has already reached the overbought area. As a result, we should expect a test of 4/8 (1.0253), a breakaway of it, and falling to the support level of 3/8 (1.0131). The scenario can be cancelled by a breakaway of the resistance level of 5/8 (1.0376) upwards. This might lead to further growth to 6/8 (1.0498).
On M15, an additional signal confirming the decline might be given by a broken lower line of VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, the quotes are in the overbought area. The RSI has bounced off 70. We expect a breakaway of the support level of 8/8 (1.1718) downwards and falling to 7/8 (1.1474). The scenario can be cancelled by an upward breakaway of the resistance level of 1/8 (1.1962), in which case the pair may rise to 2/8 (1.2270).
On M15, a breakaway of the lower line of VoltyChannel will increase the probability of price falling to 7/8 (1.1474) on H4.
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.