On Friday the EURUSD dropped significantly, but the GBPUSD showed mixed sentiment. Today both Forex pairs are going down significantly, though. What can they do next? Let’s try to answer that question in an analysis:
The EURUSD dropped significantly on Friday. The price finished the last session of the week below the S1 support level, slightly above 1.133. Today it is going down even more. Right now the bulls are trying to defend today’s S1. If they do it successfully, the price might bounce and reach the Pivot Point. But if they fail, the price could fall below 1.13.
The GBPUSD showed mixed sentiment on Friday. The price finished the week slightly above 1.355. However, it is going down significantly today. Right now the bulls are trying to defend 1.35. If they do it successfully, the price might bounce and return above 1.353. But if they fail, the price could fall to 1.345.