Yesterday both EURUSD and GBPUSD dropped significantly. Today the EURUSD is going down even more, but the GBPUSD is rising. From the data front, the CPI and core CPI in October in the US will be published. Anyway, let’s move on to the analysis:
The EURUSD dropped significantly yesterday. The price finished the session slightly above the S1 support level, a little above 1.000. Today it is going down even more. Right now the bulls are trying to defend the EMA 200. If they do it successfully, the price might return above the Pivot Point and 1.003. But if they fail, the price could fall below 0.998 and reach today’s S1.
The GBPUSD also dropped heavily yesterday, The price finished the session slightly below 1.136. However, it is rising today. If the buyers continue generating firm demand, the price might go up above the EMA 77 and 1.142. But if the bears counterattack, the price could fall below 1.135.