On Friday both EURUSD and GBPUSD managed to rise. However, both currency pairs are going down today. What can they do next? Let’s try to answer that question in an analysis:
The EURUSD managed to rise on Friday. The price finished the last session of the week above the Pivot Point and the EMA 200. However, it is going down deeply today. Right now the bulls are trying to defend the S1 support level. If they do it successfully, the price might bounce and return above the EMA 200 and 1.13. But if they fail, the price could even drop to the S2.
The GBPUSD also rose strongly on Friday. The price finished the week slightly below 1.327. However, it is going down heavily today. It’s already below the EMA 77. If the buyers don’t generate some serious appetite soon, the price could even drop below 1.32 today. But if they do, the price might return above the EMA 77.