Yesterday the EURUSD dropped heavily, but the GBPUSD showed mixed sentiment. Today both currency pairs are rising strongly, though. What can they do next? Let’s try to answer that question in an analysis:
Yesterday was a really interesting session. First, during the Asian trading session, the EURUSD rose and reached 1.109. Then, during the European trading session, the price started going down heavily. In consequence, it finished the session below the S1 support level, slightly above 1.101.
However, the EURUSD is rising significantly today. If the buyers continue generating firm demand, the price might even reach 1.106 today. But if the bears counterattack, the price could return below the EMA 200 and 1.102.
The GBPUSD showed mixed sentiment yesterday. During the European trading session, the price dropped below 1.255. Then, during the first hours of the American trading session, it managed to rise above 1.259. After that, it went down once again in the evening and finished the day slightly above 1.257.
However, the GBPUSD is rising significantly today. The price is already above 1.261. If the buyers continue generating firm demand, the price might even reach 1.264 today. But if the bears counterattack, the price could return below 1.26.