EURUSD quotes have reached the oversold area on H4. A convergence has formed on the RSI. In this situation, a rebound from 0/8 (1.0742) is expected, followed by a price rise to the resistance at 2/8 (1.0986). The scenario could be cancelled by a downward breakout of the support at 0/8 (1.0742), in which case the pair might drop to the -1/8 (1.0620) level.
On M15, the price rise could be additionally supported by a breakout of the upper 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 approaching the oversold area. In these circumstances, a test of 6/8 (1.2451) is expected, followed by a rebound from this level and a rise to the resistance at 8/8 (1.2695). The scenario could be cancelled by a downward breakout of the 6/8 (1.2451) level, which might lead to a trend reversal and a decline to the support at 5/8 (1.2329).
On M15, after a rebound from 6/8 (1.2451), the price growth might be additionally supported by a breakout of the upper boundary 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.