Yesterday both EURUSD and GBPUSD rose significantly. Today, both currency pairs are rising even more. From the data front, the CPI in the Eurozone in January and the ADP nonfarm employment change in the US, also in January, will be published. Anyway, let’s move on to the analysis:
EURUSD
The EURUSD rose significantly. yesterday. The price finished the session at the R1 resistance level, slightly below 1.127. Today, it is going up even more. If the buyers continue generating firm demand, the price might rise high above today’s R1 and reach 1.13. But if the bears counterattack, the price could drop to the Pivot Point.
GBPUSD
The GBPUSD also rose strongly yesterday. The price finished the session above 1.352. Today it is going up even more. If the buyers continue generating firm demand, the price might rise above 1.355 today. But if the bears counterattack, the price could drop to 1.35.
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