EUR/USD, “Euro vs US Dollar”
EUR/USD quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI has rebounded from the resistance line. In this situation, a downward breakout of the 1/8 (1.0559) level is expected, followed by a decline to the support at 0/8 (1.0498). The scenario can be cancelled by rising above the 2/8 (1.0620) level, which could lead to a trend reversal and a rise to 3/8 (1.0681).
On M15, the decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
GBP/USD, “Great Britain Pound vs US Dollar”
On the GBP/USD chart, the situation is similar: the quotes are below the 200-day Moving Average on H4, which indicates the prevalence of a downtrend, while the RSI has rebounded from the resistance line. In this situation, a test of 3/8 (1.2085) is expected, followed by a breakout of the level and a decline to the support at 2/8 (1.1962). The scenario can be cancelled by rising above the 4/8 (1.2207) level. In this case, the pair could rise to the resistance at 5/8 (1.2329).
On M15, a breakout of the lower boundary of the VoltyChannel could increase the probability of a price drop.
