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 (1.0803) level is expected, followed by a price decline to the support at 0/8 (1.0742). The scenario could be cancelled by rising above the resistance at 2/8 (1.0864), which could lead to a trend reversal and a price rise to 4/8 (1.0986).
On M15, the price decline could additionally be supported by a breakout of the lower boundary of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI is testing the support line. In this situation, a rebound from the 4/8 (1.2695) level is expected, followed by a price rise to the resistance at 6/8 (1.2817). The scenario could be cancelled by a downward breakout of the support at 4/8 (1.2695). In this case, the pair might drop to the 3/8 (1.2634) level.
On M15, a breakout of the upper boundary of the VoltyChannel could increase the probability of a price rise to 6/8 (1.2817) 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.