Yesterday both EURUSD and GBPUSD went down. Today both currency pairs are rising, 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 early hours of the Asian trading session, the EURUSD rose above 1.073. Then, in the morning, the price started falling. It even dropped below the S1 support level and 1.069 at the beginning of the American trading session. After that, the price started rising, though. In the late afternoon, it returned above the S1 and 1.07. However, in the evening the price went down once again. In consequence, the EURUSD finished the session below the S1 and 1.07
During today’s Asian trading session, the price rose above today’s R1 resistance level and 1.072. Then, in the morning, it started falling. If the buyers don’t generate some serious appetite soon, the price could return below the Pivot Point and 1.07. But if they do, the price might even reach 1.073 today.
The GBPUSD also was really volatile yesterday. First, the price dropped below 1.245. Then, at the beginning of the American trading session, it started rising. The price even went up above 1.248 two hours later. After that, it started falling once again, though. In consequence, the GBPUSD finished the session a little above 1.247.
During today’s Asian trading session, the price rose above the EMA 77 and 1.25. Then, at the beginning of the European trading session, it started falling. If the buyers don’t generate some serious appetite soon, the price could even drop to 1.246 today. But if they do, the price might go up above 1.251.