EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, EURUSD is still moving to the downside. In this case, the price may break 3/8 and start a new correction to reach the resistance at 5/8 and finish the downtrend. However, this scenario may no longer be valid if the price breaks 2/8 to the downside. After that, the instrument may continue moving downwards to reach the support at 0/8.
In the H1 chart, the pair may break 5/8 and, as a result, continue growing. Otherwise, the price may resume falling after breaking 3/8.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is trading downwards below 3/8 and may continue falling towards the support at 1/8. However, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may resume moving upwards to reach the resistance at 5/8.
In the H1 chart, the pair is trading below the descending channel and may continue moving downwards. If it breaks 2/8, the instrument may start a new ascending correction with the target at the resistance at 5/8.
