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 2/8 (1.0559) mark is expected, followed by a decline to the support at 0/8 (1.0498). The scenario can be cancelled by rising above the resistance at 3/8 (1.0589). In this case, the pair could rise to 5/8 (1.0650).
On M15, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
GBPUSD, "Great Britain Pound vs US Dollar"
The situation is similar on the GBPUSD chart: the quotes are under the 200-day Moving Average, indicating the prevalence of a downtrend, and the RSI has rebounded from the resistance line. In this situation, a downward breakout of 2/8 (1.2085) is expected, followed by a decline to the support level of 0/8 (1.1962). The scenario can be cancelled by rising above 3/8 (1.2146), which could provoke a rise to the resistance at 4/8 (1.2207).
On M15, a breakout of the lower boundary of the VoltyChannel might increase the probability of a price decline.
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.