Yesterday both EURUSD and GBPUSD managed to rise. Today both currency pairs are falling, though. From the data front, the CPI in the Eurozone and the nonfarm payrolls in the US in December will be published. Anyway, let’s move on to the analysis:
EURUSD
Yesterday was a really interesting session. First, during the Asian trading session, the EURUSD rose above the R1 resistance level and 1.097. Then, 60 minutes before noon, the price started falling. It dropped below 1.094 at the beginning of the American trading session.
After that, the price started rising once again. Two hours later, it returned above the R1 and 1.096. Right after that, the price started falling one more time. In consequence, the EURUSD finished the session slightly below 1.095.
Today, the price is falling even more. It is already below today’s S1 support level and 1.092. If the buyers don’t generate some serious appetite soon, the price could even drop below 1.089 and reach today’s S2. But if they do, the price might return above 1.094 and reach the Pivot Point.
GBPUSD
The GBPUSD also was really volatile yesterday. First, during the Asian trading session, the price rose above 1.272. Then, 60 minutes before noon, it started falling. The price even dropped below the EMA 77 and 1.267 at the beginning of the American trading session. After that, it started rising once again. In consequence, the GBPUSD finished the day slightly above 1.268.
During the first hours of today’s Asian trading session, the price managed to rise above 1.269. Then, it started falling. The price even dropped below the EMA 77 and 1.267 in the morning. After that, it started rising once again. Right now the bulls are attacking the EMA 77. If they do it successfully, the price might even go up above 1.27 today. But if they fail, the price could fall below 1.265.
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