On Friday, the US dollar got some real strength. Both EURUSD and GBPUSD dropped heavily. Today, the GBPUSD is going down even more, but the EURUSD is rising. From the data front, manufacturing PMI in the UK and ISM manufacturing PMI in the US, both in October, will be published. Anyway, let’s start the analysis:
The EURUSD dropped deeply on Friday. The price finished the last session of the month slightly above the S2 support level, a little below 1.156. However, it is rising today. If the buyers continue generating firm demand, the price might go up above the Pivot Point and reach 1.16 today. But if the bears counterattack, the price could fall to 1.153.
The GBPUSD also dropped heavily on Friday. The price finished the month a little above 1.368. Today, it is going down even more. If the buyers don’t generate some serious appetite soon, the price could fall below 1.365 today. But if they do, the price might rise above 1.37.