EURUSD, “Euro vs. US Dollar”
In the H4 chart, EURUSD is trading above 5/8. In this case, the price is expected to continue growing to reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 5/8. After that, the instrument may resume moving downwards to reach the support at 3/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue trading upwards. However, if the price breaks the downside line, the trend may reverse and move towards 3/8 from the H4 chart.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is no longer trading inside the “oversold area”. In this case, the pair may continue growing to reach the resistance at 2/8. However, the H1 chart shows how this scenario may be cancelled.
In the H1 chart, the situation is different. Right now, the pair is trading inside the “overbought area”, so if it breaks 8/8, the instrument may move downwards to reach the support at 5/8. As a result, to cancel the “growth” scenario from the H4 chart, the instrument must break 8/8 here.
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.