Yesterday the EURUSD managed to rise a bit, but the GBPUSD dropped significantly. Today both currency pairs are going up strongly. From the data front, the CPI and core CPI in May in the US will be published. Anyway, let’s move on to the analysis:
Yesterday was a really interesting session. First, during the early hours of the Asian trading session, the EURUSD dropped below the EMA 200. Then, the price started rising strongly. It even went up above 1.078 at noon. After that, the price started falling. It dropped below 1.075 at the beginning of the American trading session. However, in the early evening, the price started rising once again. In consequence, the EURUSD finished the session slightly below 1.076, exactly at the Pivot Point.
Today the price is rising strongly. It is already above today’s R1 resistance level. Right now the bulls are attacking 1.08. If they do it successfully, the price might even reach 1.082 today. But if they fail, the price could drop below 1.078.
The GBPUSD also was really volatile yesterday. First, in the morning the price started rising. It even went up above 1.259 during the early hours of the European trading session. Then, at noon, the price started falling heavily. It even dropped below 1.249 in the afternoon. After that, the price managed to rise a bit, though. In consequence, the GBPUSD finished the session a little above 1.251.
Today the price is rising strongly. It is already above 1.256. If the buyers continue generating firm demand, the price might even reach 1.26 today. But if the bears counterattack, the price could drop to 1.255.