EUR/USD “Euro vs US Dollar”
EUR/USD quotes are below the 200-day Moving Average on D1, indicating a prevailing downtrend. The RSI is testing the resistance line. In this situation, the price is expected to break the 4/8 (1.0772) level and decline to the support at 3/8 (1.0620). The scenario might be cancelled by surpassing the 5/8 (1.0864) level, which might lead to a trend reversal, pushing the pair up to the 6/8 (1.0986) resistance level.
On M15, the price decline could be additionally supported by a breakout of the lower line of the VoltyChannel.
GBP/USD, “Great Britain Pound vs US Dollar”
The GBP/USD chart shows a similar situation, with the quotes hovering below the 200-day Moving Average on D1, indicating a prevailing downtrend, and the RSI testing the resistance line. In this situation, the price is expected to rebound from the 3/8 (1.2573) level and fall to the support at 2/8 (1.2451). The scenario could be cancelled by surpassing the 3/8 (1.2573) level, which might lead to a trend reversal, pushing the pair up to the resistance at 4/8 (1.2695).
On M15, a breakout of the VoltyChannel lower line will increase the probability of a price decline.
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