Fig. 1. The daily chart
Given that the euro / dollar heavily oversold, the possibility of fixing the euro below the support line of the channel is unlikely, and a break below it, is likely to be short-term, limited in its maximum mark of 1.1500. In this case, a trend reversal can take place up to any level on the way to this mark, then the euro / dollar will be aimed at testing the nearest resistance 1.1875.
If the euro / dollar will be able to overcome the resistance, it will open the way to further recovery of the resistance line of the descending channel. Medium-term, if the pair has broken and consolidate above the resistance line of the channel, it will signal the transition to medium-term recovery with the immediate goal in the area of 1.2570-1.2600.
GBP / USD: technical analysis and forecast gbp usd 01/16/2015
Fig. 2. The daily chart
GBP / USD went back to 1.5100 support. While the British currency is trading above it, the situation remains the same, and in the near future looks increasingly likely growth of quotations pound / dollar in order to enter into the area mark 1.5500. Overcoming it allowed the British to continue to grow to the 50-day SMA and the resistance area 1.5785-1.5825.
Only sustainable strengthening of the pound / dollar below 1.5100 will open the way to test a minimum of 2013 around 1.4810. However, a break below 1.4810 might be difficult, and it is expected to trend reversal up.