Yesterday both EURUSD and GBPUSD rose significantly. However, both Forex pairs are going down today. What can they do next? Let’s try to answer that question in an analysis:
The EURUSD rose significantly yesterday. The price finished the session slightly below the R1 resistance level, at 1.026. However, it is going down today. Right now the bulls are trying to defend the S1 support level and the EMA 200. If they do it successfully, the price might return above the Pivot Point and 1.025. But if they fail, the price could drop below 1.02.
The GBPUSD also rose significantly yesterday. The price finished the session slightly above 1.224. However, it is going down today. The price is already below 1.22. If the buyers don’t generate some serious appetite soon, the price could drop to 1.215 today. But if they do, the price might return above the EMA 77 and 1.223.