Yesterday both EURUSD and GBPUSD dropped heavily. Today both currency pairs are going down even more. What can they do next? Let’s try to answer that question in an analysis:
Yesterday was a really volatile session. First the EURUSD dropped below the S2 support level. Then it managed to rise a bit and finished the session slightly below the S1 and 1.083. Today, it is going down once again, though. If the buyers don’t generate some serious appetite soon, the price could fall below 1.077 today. But if they do, the price might go up above the Pivot Point.
The GBPUSD dropped significantly yesterday. The price finished the session a little below the EMA 77, slightly above 1.307. During today’s Asian trading session it went down even more, but this morning the price started rising. Now the bulls are attacking the EMA 77. If they do it successfully, the price might even reach 1.31 today. But if they fail, the price could fall to 1.302.