Yesterday the EURUSD dropped significantly, but the GBPUSD managed to rise. Today both currency pairs are going down, though. From the data front, the minutes of the European Central Bank’s last meeting and the CPI and core CPI in May in the Eurozone will be published. Anyway let’s move on to the analysis:
EURUSD
Yesterday was a really interesting session. First, the EURUSD dropped below the S2 support level and 1.064. Then, in the evening, the price managed to rise significantly. In consequence, it finished the day exactly at the S1, slightly below 1.069.
During the first hours of today’s Asian trading session, the EURUSD managed to go up a bit. Then, the price started falling. It is already below 1.067. If the buyers don’t generate some serious appetite soon, the price could drop below 1.064 and reach today’s S1 support level. But if they do, the price might return above 1.068 and reach the Pivot Point.
GBPUSD
The GBPUSD also was really volatile yesterday. First, during the early hours of the Asian trading session, the price managed to go up above 1.242. Then, it started falling heavily. The price even dropped below 1.235 in the morning. However, an hour before noon, it started rising strongly. In consequence, the price finished the session slightly below 1.244.
During the first hours of today’s Asian trading session, the GBPUSD managed to go up a bit. Then, the price started falling. Right now the bulls are trying to defend the EMA 77. If they do it successfully, the price might bounce and reach 1.244. But if they fail, the price could even drop to 1.238.
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