EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is trading within the “oversold area” again. The Relative Strength Index is approaching 30, which is a border of the above-mentioned area. In this case, the price is expected to break the resistance at 0/8 (0.9765) and continue growing to reach 1/8 (0.9887). Still, this scenario may no longer be valid if the price breaks the support at -1/8 (0.9643) to the downside. After that, the instrument and fall towards -2/8 (0.9521).
In the M15 chart, the pair may break the upnside line of the VoltyChannel indicator and, as a result, continue trading upwards.
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, GBPUSD is trading below the 200-day Moving Average to indicate a descending tendency. The Relative Strength Index is testing the descending trendline. In this case, the price is expected to test 5/8 (1.0986), break it, and then continue falling to reach the support at 4/8 (1.0742). Still, this scenario may no longer be valid if the price breaks the resistance 6/8 (1.1230) to the upside. After that, the instrument may grow towards 7/8 (1.1474).
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.
