EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is trading below the 200-day Moving Average, thus indicating a possible descending tendency. The Relative Strength Index is correcting towards the trendline. In this case, the price is expected to break 1/8 (0.9765) and continue falling to reach the support at -1/8 (0.9643). Still, this scenario may no longer be valid if the price breaks the resistance at 1/8 (0.9887) to the upside. After that, the instrument resume growing towards 2/8 (1.0009).
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is also trading below the 200-day Moving Average to indicate a descending tendency. The Relative Strength Index has broken the ascending trendline. In this case, the price is expected to test 1/8 (1.0986), break it, and then continue falling to reach the support at 0/8 (1.0742). Still, this scenario may no longer be valid if the price breaks the resistance 2/8 (1.1230) to the upside. After that, the instrument may continue the correction towards 3/8 (1.1474).
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, may continue its decline to reach 0/8 from the H4 chart.
