Yesterday both EURUSD and GBPUSD dropped significantly. Today both currency pairs are rising, though. From the data front, the CPI and core CPI in the Eurozone in April will be published. Anyway, let’s move on to the analysis:

EURUSD

Yesterday was a really interesting session. First, the EURUSD went down below 1.099. Then, during the European trading session, the price managed to rise above 1.103. After that, at the beginning of the American trading session, the price started falling heavily. In consequence, it finished the day slightly above the S1 support level and 1.097.

However, the EURUSD is going up today. The price is already above the Pivot Point and 1.099. If the buyers continue generating firm demand, the price might even rise above 1.101 and reach the R1 resistance level today. But if the bears counterattack, the price could return below the Pivot Point and 1.098.

EURUSD

GBPUSD

The GBPUSD was also really volatile yesterday. First, the price went down below the EMA 77. Then, during the European trading session, the price managed to rise above 1.255. After that, at the beginning of the American trading session, the price started falling significantly. In consequence, it finished the day slightly above 1.249.

However, the GBPUSD is going up today. If the buyers continue generating sufficient demand, the price might rise above the EMA 77 and reach 1.253. But if the bears counterattack, the price could drop below 1.248 today.

GBPUSD