Yesterday both EURUSD and GBPUSD rose significantly. Today both currency pairs are falling, though. What can they do next? Let’s try to answer that question in an analysis:
EURUSD
Yesterday was a really interesting session. First, the EURUSD rose above the R1 resistance level and 1.086. Then, in the afternoon, it started falling. In consequence, the price finished the first session of the week a little below the R1, slightly above 1.085.
During today’s Asian trading session, the EURUSD reached today’s S1 support level. Then, at the beginning of the European trading session, it started rising. If the buyers continue generating sufficient demand, the price might return above the Pivot Point and even reach 1.086 today. But if the bears show their strength once again, the price could drop below today’s S1 and reach the EMA 200.
GBPUSD
The GBPUSD also was really volatile yesterday. First, the price managed to rise above 1.27. Then, in the late afternoon, it started falling. In consequence, the price finished the first session of the week a little above 1.269.
Today, the GBPUSD is falling even more. It is already below the EMA 77 and 1.268. If the buyers don’t generate some serious appetite soon, the price could even drop to 1.265 today. But if they do, the price might return above 1.269.
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