Sterling and Euro both under the control of bears but this could be changing
The EURUSD pair is trading in a strong downtrend on a daily time frame. The confirmation of this argument comes from the fact that the price is trading below the 50-day moving average (shown in yellow) and the moving average is trading below the 100-day moving average (shown in green). However, if you see the recent slope of the 50-day moving average, it becomes clear that it is turning positive. This gives an indication that the bears who have a strong control of the price may end up losing this control.
The support zone is shown by the green horizontal line
The resistance zone is shown by the red horizontal line.
The GBP/USD pair dropped after forming a double top on a daily time frame. The double top is shown by the two blue arrows. The price has broken its upward trend line, confirming that the bears have lost control of the price. The RSI and CCI, both oscillators are sending a strong signal that the price is way oversold. When these oscillators send such signals, traders usually take this as an opportunity and they buy the price. The balance of Power indicator is in the positive territory and this is another confirmation that the price could be moving higher soon.
Once again the slope of the 50-day moving average (shown in yellow) is another positive sign here and this is a further confirmation that the price may move higher.
The support zone is shown by the green horizontal line
The resistance zone is shown by the red horizontal line.
