Yesterday both EURUSD and GBPUSD dropped heavily. Today, both Forex pairs are rising, though. From the data front, first the composite PMI and services PMI in July will be published in the Eurozone and the UK. Then, the ISM non-manufacturing PMI in July in the US will be published. Anyway, let’s start the analysis:

EURUSD

The EURUSD dropped deeply yesterday. The price finished the session significantly below the S2 support level, slightly above 1.016. Today, it is rising, though. If the buyers continue generating sufficient demand, the price might go up above 1.02 and reach the Pivot Point and the EMA 200. But if the bears counterattack, the price could fall to 1.013.

EURUSD

GBPUSD

The GBPUSD also dropped heavily yesterday. The price finished the session at 1.216. Today, it is rising, though. Right now the bulls are attacking the EMA 77. If they do it successfully, the price might even reach 1.224 today.But if they fail, the price could go down below 1.215.

GBPUSD