RoboForex
EUR/USD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is trading below the 200-day Moving Average to indicate a possible descending tendency. In this case, the price is expected to test 2/8, break it, and then continue falling to reach the support at 1/8. Still, this scenario may no longer be valid if the price breaks the resistance at 3/8 to the upside. After that, the instrument may reverse and correct up to 4/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
GBP/USD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is also trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to break 2/8 and continues falling to reach the support at 1/8. However, this scenario may no longer be valid if the price breaks the resistance 3/8 to the upside. After that, the instrument may grow towards the next resistance at 5/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
Source: FXStreet – RoboForex Team
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