On Friday both EURUSD and GBPUSD went down. After the weekend both currency pairs are falling even more. What can they do next? Let’s try to answer that question in an analysis:
Friday was a really interesting session. First, during the Asian trading session, the EURUSD managed to rise above 1.077. Then, in the afternoon, the price started falling significantly. In consequence, after going down for hours, it finished the last session of the week slightly above 1.07.
Today the EURUSD is falling even more. If the buyers don’t generate some serious appetite soon, the price could drop below the S1 support level and even reach 1.066. But if they do, the price might rise above 1.071 today.
The GBPUSD also was really volatile on Friday. First, during the Asian trading session, the price managed to rise above 1.254. Then it started falling heavily. In consequence, after going down for hours, the price finished the last session of the week slightly below 1.245.
Today the GBPUSD is falling even more. Right now the bulls are trying to defend 1.24. If they do it successfully, the price might return above 1.243. But if they fail, the price could even drop below 1.236 today.