EUR/USD, “Euro vs US Dollar”
EUR/USD quotes are below the 200-day Moving Average on H4, which indicates the prevalence of a downtrend. The RSI has broken the support line. In this situation, a downward breakout of 6/8 (1.0498) is expected, followed by a decline to the support level of 5/8 (1.0376). The scenario can be cancelled by rising above the resistance level of 7/8 (1.0620), which could lead to a trend reversal and growth to the support level of 8/8 (1.0742).
GBP/USD, “Great Britain Pound vs US Dollar”
The situation on the GBPUSD H4 chart is similar: the quotes are below the 200-day Moving Average, revealing the prevalence of a downtrend, and the RSI has broken the support level. In these circumstances, a test of 3/8 (1.2085) is expected, followed by a breakout and a decline to the support at 2/8 (1.1962). The scenario can be cancelled by rising above 4/8 (1.2207). In this case, the pair might grow to the resistance at 5/8 (1.2329).
