EURUSD, “Euro vs. US Dollar”
In the H4 chart, EURUSD is consolidating between 3/8 and 5/8. In this case, the price may test 5/8, rebound from it, and then resume falling to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks the range to the upside. After that, the instrument may resume moving upwards to reach the resistance at 7/8.
In the H1 chart, the pair is no longer trading inside the “oversold area”, which indicates a high possibility of further growth towards 3/8. As a result, the price may break 5/8 in the H4 chart and continue growing to reach the resistance at 7/8.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is trading above 5/8 and may continue moving upwards to reach the resistance at 7/8. 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 4/8.
In the H1 chart, the pair is trading at 3/8. If it rebound from this level, the instrument may move downwards to reach the support at 0/8. However, this scenario may no longer be valid if the price breaks 4/8. After that, the instrument may resume moving upwards to reach the resistance at 6/8.
