EURUSD quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI is nearing the support line. In this situation, a test of 1/8 (1.0864) is expected, followed by a rebound from this level and a price rise to the resistance at 2/8 (1.0986). The scenario could be cancelled by a downward breakout of 1/8 (1.0864), in which case the quotes might fall to 0/8 (1.0742).
On M15, after a rebound from 1/8 (1.0864) on H4, a further price growth could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes have broken the 8/8 (1.2695) level on H4, exiting the overbought area. The RSI is testing the support line. In this situation, a further price decline to 6/8 (1.2573) is expected. The scenario could be cancelled by rising above the resistance at 8/8 (1.2695), in which case the pair might return to 1/8 (1.2756).
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.