Yesterday both EURUSD and GBPUSD rose strongly. Today both currency pairs are going down, though. From the data front, markets will be focused on the European Central Bank meeting – including monetary policy decisions and press conference. Anyway, let’s move on to the analysis:
The EURUSD rose strongly yesterday. The price finished the session high above the R2 resistance level, slightly below 1.107. However, it is going down today. If the buyers don’t generate some serious appetite soon, the price could drop below 1.10 and reach the EMA 200. But if they do, the price might bounce and even reach 1.11.
Yesterday the GBPUSD also rose strongly. The price finished the session above 1.317. However, it is going down today. Right now the bears are attacking the EMA 77. If they do it successfully, the price could drop to 1.31 today. But if the bulls counterattack, the price might bounce and even reach 1.32.