Yesterday both EURUSD and GBPUSD dropped significantly. Today both Forex pairs are rising, though. From the data front, the U.S. Federal Open Market Committee (FOMC) minutes from the last meeting will be published. Anyway, let’s move on to the the analysis:

EURUSD

The EURUSD dropped deeply yesterday. The price finished the session slightly below the S3 support level and 1.055. However, it is rising today. The price is already above 1.061. If the buyers continue generating firm demand, the price might even go up above the R1 resistance level and reach 1.065. But if the bears counterattack, the price could fall to the Pivot Point and 1.058.

EURUSD

GBPUSD

The GBPUSD also dropped significantly yesterday. The price finished the session slightly below 1.197. However, it is rising today. The price is already above 1.205. If the buyers continue generating firm demand, the price might even reach 1.21 today. But if the bears counterattack, the price could return below 1.203.

GBPUSD