EURUSD quotes have broken the 200-day Moving Average on H4 and are now below it, which indicates a potential downtrend. The RSI has rebounded from the resistance line. In this situation, a downward breakout of the support at 4/8 (1.0986) is expected, followed by a decline to the level of 2/8 (1.0864). The scenario can be cancelled by a breakout of the resistance at 5/8 (1.1074). In this case, the pair could rise to 6/8 (1.1108).
On M15, the price decline might be additionally supported by a breakout of the lower boundary of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. The RSI has rebounded from the resistance line. In this situation, the price is expected to test the 0/8 (1.2695) level, break it, and fall to the support at -1/8 (1.2634). The scenario can be cancelled by an upward breakout of 1/8 (1.2756), which could help the pair reach the resistance at 2/8 (1.2817).
On M15, a breakout of the lower line of the VoltyChannel could increase the probability of a price drop.
Attention!
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.