EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is trading within the “oversold area”. In this case, the price is expected to break -1/8 and then continue growing to reach the resistance at 1/8. Still, this scenario may no longer be valid if the price breaks -2/8 to the downside. After that, the lines in the chart will be redrawn, thus helping us to define new downside targets.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to break 3/8 and then continue falling towards the support at 1/8. However, this scenario may no longer be valid if the price breaks 4/8 to the upside. After that, the instrument may continue growing to reach the resistance at 6/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
Source: Roboforex
