On Friday both EURUSD and GBPUSD dropped deeply. Today both currency pairs are falling even more. What can they do next? Let’s try to answer that question in an analysis:
EURUSD
Friday was a really interesting session. First, during the Asian trading session, the EURUSD managed to rise above 1.089. Then, in the morning, the price started falling deeply. It even dropped below the S1 support level and reached 1.078 in the early evening. However, during the last three hours of Friday’s session, the price managed to rise a bit. In consequence, the EURUSD finished the day slightly above 1.079.
During the first hours of today’s Asian trading session, the price dropped below 1.077. Then, it started rising. The price went up above 1.078 at the beginning of the European trading session. After that, it started falling once again. If the buyers don’t generate some serious appetite soon, the price could even reach 1.076 today. But if they do, the price might return above 1.079.
GBPUSD
The GBPUSD also was really volatile on Friday. First, during the Asian trading session, the price managed to rise above 1.277. Then, 60 minutes before noon, it started falling deeply. The price even dropped below 1.262 in the late afternoon. However, during the last three hours of Friday’s session, it managed to rise a bit. In consequence, the GBPUSD finished the day slightly below 1.264.
During the first hours of today’s Asian trading session, the price dropped below 1.26. Then, it started rising. If the buyers continue generating sufficient demand, the price might go up above 1.264 today. But if the bears counterattack, the price could even fall below 1.259.
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