Yesterday both EURUSD and GBPUSD rose significantly. Today both currency pairs are going down, though. From the data front, all eyes will be focused on the European Central Bank interest rate decision and press conference. Anyway, let’s move to the analysis:
Yesterday was a really interesting session. First, in the morning, the EURUSD dropped below 1.078. Then, at the beginning of the European trading session, the price started rising strongly. The price even went up above the R2 resistance level and 1.086 in the late afternoon. After that, it started falling, though. In consequence, the EURUSD finished the session a little above 1.083.
During the first hours of today’s Asian trading session, the price rose above 1.084. Then it started falling. If the buyers don’t generate some serious appetite soon, the price could drop below 1.079 and reach the EMA 200. But if they do, the price might return above 1.083.
The GBPUSD also was really volatile yesterday. First, the price rose above 1.269. Then, in the late afternoon, it started falling. In consequence, the price finished the session at 1.266. During the first hours of today’s Asian trading session, the GBPUSD managed to rise above 1.267. Then it started going down. The price even reached the EMA 77 in the early morning. After that, it started rising once again. If the buyers continue generating sufficient demand, the price might even reach 1.269 today. But if the bears counterattack, the price could drop to 1.261.