EURUSD quotes are below the 200-day Moving Average on D1, revealing the prevalence of a downtrend. However, the RSI has reached the oversold area. In this situation, a rebound from the 3/8 (1.0620) level is expected, followed by a rise to the resistance at 4/8 (1.0772). This move is interpreted as a correction of the downtrend. The scenario could be cancelled by a breakout of the 3/8 (1.0620) level, in which case the pair might drop to the support at 2/8 (1.0498).
On M15, the price rise might be supported by a breakout of the upper boundary of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
The GBPUSD pair stands below the 200-day Moving Average on D1, revealing the prevalence of a downtrend. The RSI has broken the support line. In this situation, a further decline to the nearest support at 1/8 (1.2329) might follow. The scenario could be cancelled by rising above 2/8 (1.2451), in which case the quotes might correct to the resistance at 3/8 (1.2573).
On M15, the lower boundary of the VoltyChannel is broken, which 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.