EURUSD quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI has rebounded from the resistance line. In this situation, a downward breakout of the 1/8 (1.0559) level is expected, followed by a decline to the support at 0/8 (1.0498). The scenario can be cancelled by rising above the 2/8 (1.0620) level, which could lead to a trend reversal and a rise to 3/8 (1.0681).
On M15, the decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
On the GBPUSD chart, the situation is similar: the quotes are below the 200-day Moving Average on H4, which indicates the prevalence of a downtrend, while the RSI has rebounded from the resistance line. In this situation, a test of 3/8 (1.2085) is expected, followed by a breakout of the level and a decline to the support at 2/8 (1.1962). The scenario can be cancelled by rising above the 4/8 (1.2207) level. In this case, the pair could rise to the resistance at 5/8 (1.2329).
On M15, a breakout of the lower boundary 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.