EURUSD quotes have broken above the 200-day Moving Average on D1, indicating the potential development of an uptrend. The RSI has breached the resistance line. In this situation, the price is expected to surpass the 5/8 (1.0864) level and rise to the resistance at 6/8 (1.0986). The scenario might be cancelled by a breakout of the 4/8 (1.0772) level, which might lead to a trend reversal, pushing the pair to the 3/8 (1.0620) support level.
On M15, the upper line of the VoltyChannel is broken, which increases the probability of a price rise.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend. The RSI is approaching the overbought area. In this situation, the price is expected to test the 5/8 (1.2817) level, rebound and drop to the support at 4/8 (1.2695). The scenario could be cancelled by a breakout of the 4/8 (1.2695) level. In this case, the pair might decline to the support at 3/8 (1.2573).
On M15, following a rebound from the 5/8 (1.2817) level on D1, the price decline could be additionally supported by a breakout of the lower line of the VoltyChannel.
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.