Yesterday both EURUSD and GBPUSD rose significantly. Today both currency pairs are going up even more. What can they do next? Let’s try to answer that question in an analysis:
The EURUSD started rising strongly yesterday in the morning. Then, after reaching the R2 resistance level in the afternoon, the bears stopped the bulls. In consequence, the price showed mixed sentiment in the evening and finished the session slightly below the R2 and 1.105.
Today it is going up even more. Right now, the price is a little below 1.107. If the buyers continue generating firm demand, the price might go up above 1.108 and reach today’s R1. But if the bears counterattack, the price could even drop below 1.104 and reach the Pivot Point.
The GBPUSD also rose significantly yesterday. The price started going up in the morning. Then, in the evening, the bears counterattacked, but they weren’t that strong. In consequence, the price finished the session slightly above 1.252.
Today, during the first hours of the Asian trading session, the price went up above 1.254. Then, it started falling slowly. Right now the price is at 1.253. If the buyers show their strength once again, the price might rise above 1.255 today. But if the bears counterattack, the price could drop below 1.251 and reach the EMA 77.