On Friday both EURUSD and GBPUSD dropped heavily. Today, both currency pairs are rising, though. What can they do next? Let’s try to answer that question in an analysis:
EURUSD
Friday was a really interesting session. First, The EURUSD managed to rise above the Pivot Point and 1.088. Then, at the beginning of the American trading session, it started falling deeply. In consequence, the price finished the day significantly below the S1 support level, slightly above 1.077.
Today, the EURUSD is rising, though. It is already above 1.079. If the buyers continue generating firm demand, the price might even go up above 1.083 and reach the EMA 200. But if the bears counterattack, the price could return below 1.078.
GBPUSD
The GBPUSD also was really volatile on Friday. First, during the Asian trading session, the price dropped below 1.264. Then, at the beginning of the European trading session, it started rising. The price even went up above the EMA 77 and 1.271 at the beginning of the American trading session. After that, it started falling deeply. In consequence, the GBPUSD finished the day slightly above 1.258.
Today, the price is rising significantly, though. It is already above 1.263. If the buyers continue generating firm demand, the price might even go up above 1.265 today. But if the bears counterattack, the price could return below 1.26.
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