The last session of the week was really interesting. The EURUSD dropped heavily, but in the afternoon it managed to rise. On the other hand, the GBPUSD went up significantly. Today, both currency pairs are strongly rising. How far can they go? We’ll try to answer that question in an analysis. However, it’s not an ordinary session, because the US market is closed today due to holiday – the Presidents’ Day.
EURUSD
Friday’s session was really interesting and the volatility was pretty high.First, the EURUSD dropped below the S2 support level. Then, in the afternoon, it managed to rise and finished the day above 1.21, slightly below the Pivot Point. Today, the price is rising strongly. If the buyers continue generating firm demand, the price should beat and hold above the R1 resistance level. But if the bears counterattack, the price could fall to the Pivot Point.
GBPUSD
The GBPUSD was really strong on Friday. The price significantly went up and finished the day at 1.385. Today it is rising even more. Right now the GBPUSD is testing 1.39. If the buyers continue generating firm demand, the price should hold above that level. But if the bears counterattack, the price could drop to the EMA 77.
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