Yesterday both EURUSD and GBPUSD dropped significantly. Today the EURUSD is falling even more and the GBPUSD is showing mixed sentiment. From the data front, the ADP nonfarm employment change in November will be published. Anyway, let’s move on to the analysis:
Yesterday was a really interesting session. First, during the Asian trading session, the EURUSD managed to rise above the Pivot Point and 1.084. Then, in the morning, the price started falling significantly. It even dropped below the S1 support level and 1.078 in the early evening. After that, the price started rising once again. In consequence, the EURUSD finished the session a little above the S1, slightly below 1.08.
Today, the price is falling, though. It is already below 1.078. If the buyers don’t generate some serious appetite soon, the price could drop below 1.077 and reach today’s S1. But if they do, the price might rise above 1.08 and reach the Pivot Point.
The GBPUSD also was really volatile yesterday. First, during the early hours of the Asian trading session, the price managed to rise above 1.264. Then, it started falling. The price even dropped below 1.261 at the start of the European trading session. After that, it started rising once again.
The price even went up above the EMA 77 and reached 1.265 at the beginning of the American trading session. Right after that, it started falling significantly, though. The price even dropped below 1.258 in the evening. However, it managed to rise a bit during the last three hours of yesterday’s session. In consequence, the GBPUSD finished the day slightly below 1.259.
During today’s Asian trading session, the price managed to rise above 1.261. Then, in the morning, it started falling. If the buyers don’t generate some serious appetite soon, the price could drop below 1.257 today. But if they do, the price might go up above the EMA 77 and reach 1.262.