EURUSD quotes are in the oversold area on H4. The RSI has broken the resistance line. In this situation, the quotes are expected to break the -1/8 (1.0681) level and rise to the resistance at 0/8 (1.0742). The scenario can be cancelled by a downward breakout of the support at -2/8 (1.0620), which will reshuffle the Murrey indication so that new price targets will be set.
On M15, the price increase could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are under the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is testing the resistance level. In this situation, a test of 5/8 (1.2329) is expected, followed by a breakout of this level and a decline to the support at 4/8 (1.2207). The scenario can be cancelled by rising above the resistance at 6/8 (1.2451). In this case, the pair could correct to 7/8 (1.2573).
On M15, the lower boundary of the VoltyChannel is broken. This indicates the prevalence of a downtrend and a high probability of a further decline.
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.