Yesterday the EURUSD showed mixed sentiment and the GBPUSD even went down. Today both Forex pairs are rising, though. From the data front, the CPI and core CPI in January in the US will be published. Anyway, let’s move on to the analysis:
The EURUSD showed mixed sentiment yesterday. The price went up and tested the R1 resistance level first, but it dropped in the evening and finished the session at the Pivot Point, a little above 1.142. Today, it is rising slowly, though. If the buyers continue generating sufficient demand, the price might reach today’s R1. But if the bears counterattack, the price could fall to the EMA 200 and 1.41.
The GBPUSD was also really volatile yesterday. First the price rose above 1.358. Then it dropped significantly and finished the session slightly above 1.353. However, it is going up today. The price is already above 1.355. If the buyers continue generating firm demand, the price might reach 1.359 today. But if the bears counterattack, the price could return below the EMA 77.