Yesterday both EURUSD and GBPUSD went down a bit. Today both currency pairs are falling even more. What can they do next? Let’s try to answer that question in an analysis:
Yesterday was a really interesting session. First, the EURUSD managed to rise above 1.105. Then, during the first two hours of the European trading session, the price started going down significantly. In the afternoon it dropped below the EMA 200 and in the evening the bears managed to beat the Pivot Point. In consequence, after falling for several hours, the price finished the session a little above 1.10.
Today, the EURUSD is going down even more. The price is already below the S1 support level and 1.098. If the buyers don’t generate some serious appetite soon, the price could drop below 1.097 and reach today’s S2. But if they do, the price might return above 1.099 today.
The GBPUSD also was really volatile yesterday. First, the price managed to rise above 1.266. Then, in the afternoon, it started going down significantly. In consequence, the price finished the session slightly below the EMA 77 and 1.262.
This morning, it managed to rise a bit. However, at the beginning of the European trading session, the price started falling significantly. It is already below 1.26. If the buyers don’t generate some serious appetite soon, the price could drop below 1.258 today. But if they do, the price might return above the EMA 77 and 1.262.