EURUSD, “Euro vs US Dollar”
On H4, the quotes are under the 200-day Moving Average, indicating prevalence of a downtrend. However, the RSI has reached the oversold area, hinting on possible development of a correction. As a result, a test of 2/8 (1.0498) should be expected, followed by a bounce off it and growth of the price to the resistance level of 3/8 (1.0620). The scenario can be cancelled by a downward breakaway of the support level of 2/8 (1.0498). In this case, the pair should go on falling down to 1/8 (1.0376).
On M15, the upper line of VoltyChannel is too far from the current price, so growth can only be indicated by a bounce off 2/8 (1.0498) on H4.
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, the situation is similar. The quotes are under the 200-day Moving Average, meaning prevalence of a downtrend, and the RSI has reached the oversold area. Here an upward breakaway of 2/8 (1.1962) is expected, followed by growth to the resistance level of 3/8 (1.2085). The scenario can be cancelled by further falling of the pair to the support level of 1/8 (1.1840).
On M15, growth of the quotes can be additionally supported by a breakaway of the upper border of VoltyChannel.
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.