Yesterday both EURUSD and GBPUSD rose strongly. Today, the EURUSD is going up even more and the GBPUSD is showing mixed sentiment. From the data front, the U.S. Federal Open Market Committee (FOMC) minutes from the last meeting will be published. Anyway, let’s start the analysis:
Yesterday was a really interesting session. First, in the early hours of the Asian trading session, the EURUSD managed to rise above 1.058. Then, the price started falling. It even dropped below 1.056 and reached the Pivot Point at the beginning of the European trading session. After that, the price started rising strongly. It even went up above the R2 resistance level and 1.061 in the late afternoon. Right after that, the price fell in the evening. In consequence, the EURUSD finished the session slightly below the R2, a little above 1.06.
Today, the price is rising even more. If the buyers continue generating sufficient demand, the EURUSD might go up above 1.062 today. But if the bears counterattack, the price could drop to the Pivot Point.
The GBPUSD was also really volatile yesterday. First, in the early hours of the Asian trading session, the price managed to rise above 1.225. Then, it started falling. The price even dropped below the EMA 77 and 1.222 at the beginning of the European trading session. After that, it started rising strongly. The price even reached 1.229 in the late afternoon. However, it fell a bit in the evening. In consequence, the GBPUSD finished the session slightly above 1.228.
During the first hours of today’s Asian trading session, the price rose above 1.23. Then, it started falling. If the buyers don’t generate some serious appetite soon, the price could drop below the EMA 77 today. But if they do, the price might return above 1.23.