EURUSD are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has broken the resistance line. In this situation, the quotes are expected to rise above 7/8 (1.0711), subsequently proceeding to the resistance at 8/8 (1.0742). The scenario can be cancelled by a downward breakout of the support at 6/8 (1.0681). In this case, the quotes could drop to the 4/8 (1.0620) level.
On M15, a breakout of the upper boundary of the VoltyChannel could become an additional signal confirming the price rise.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes have broken the 200-day Moving Average and are below it, indicating a probability of a downtrend. The RSI is testing the resistance line. In these circumstances, a downward breakout of 4/8 (1.2207) is expected, followed by a decline to the support at 3/8 (1.2146). The scenario can be cancelled by rising above 5/8 (1.2329). In this case, the pair could grow to the resistance at 6/8 (1.2329).
On M15, the lower boundary of the VoltyChannel is broken. This increases the probability of a further 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.