EURUSD are under the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is testing the support line. In this situation, a downward breakout of 2/8 (1.0498) is expected, followed by a decline to the support at 1/8 (1.0376). The scenario can be cancelled by the price rising above the resistance at 3/8 (1.0620), which might provoke the price to grow to 4/8 (1.0742).
On M15, a breakout of the lower boundary of the VoltyChannel could become an additional signal confirming the price drop.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD are in the oversold area on H4. The RSI is nearing the support line. In this situation, a test of -1/8 (1.2146) is expected, followed by a rebound from it and a price rise to the resistance at 2/8 (1.2329). The scenario can be cancelled by a downward breakout of the -1/8 (1.2146) level. In this situation, the pair could continue falling and reach the support at -2/8 (1.2085).
On M15, the upper boundary of the VoltyChannel is too far from the current price, which means the growth of the quotes can only be supported by a rebound from the -1/8 (1.2146) level on H4.
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.