EUR/USD, “The Euro versus the US Dollar
The EUR/USD cross is above the 200-day moving average on the H4 chart, indicating that an upward trend is taking place. The RSI has breached the resistance line. In this situation, we expect the price to rise above 7/8 (1.0711) and then continue to the resistance at 8/8 (1.0742). The scenario can be canceled by a downward break of the support at 6/8 (1.0681). In this case, the price could fall to the 4/8 level (1.0620).
GBP/USD, “Pound Sterling to US Dollar
The price of the GBP/USD has breached its 200-day moving average and is trading below it, indicating that a bearish move is likely. The RSI is testing resistance. Under these circumstances, a downward break to the 4/8 level (1.2207) is expected, followed by a decline to the 3/8 support (1.2146). The scenario can be canceled with a break above 5/8 (1.2329). In this case, the pair could rise to the resistance at 6/8 (1.2329).
