On Friday, both EURUSD and GBPUSD rose significantly. However, both Forex pairs are going down today. From the data front, the manufacturing PMI in December will be published – first in the Eurozone, then in the US. Anyway, let’s move on to the analysis:
The EURUSD rose strongly on Friday. The price finished the last session of the year high above the R1 resistance level and 1.137. However, it is going down today. If the buyers don’t generate some serious appetite soon, the price could drop below the S1 support level. But if they do, the price might return above the Pivot Point.
The GBPUSD also rose significantly on Friday. The price finished the last session of the year above 1.352. Today, during the Asian trading session it dropped below the EMA 77 and 1.35, but this morning it started going up once again. If the buyers continue generating sufficient demand, the price might reach 1.355 today. But if the bears counterattack, the price could return below the EMA 77 and 1.35.