Yesterday both EURUSD and GBPUSD dropped heavily. Today both currency pairs are rising, though. What can they do next? Let’s try to answer that question in an analysis:
Yesterday was a really interesting session. First, during the Asian trading session, the EURUSD rose above 1.075. Then, in the morning, the price started falling deeply. It even reached 1.063 in the early evening. However, during the last hours of yesterday’s session, the price managed to rise a bit. In consequence, the EURUSD finished the day a little above 1.064.
During today’s Asian trading session, the price managed to rise above 1.066. Then, at the beginning of the European trading session, it started falling. If the buyers don’t generate some serious appetite soon, the price could drop below 1.064 today. But if they do, the price might go up above 1.067 and reach the Pivot Point.
The GBPUSD also was really volatile yesterday. First, during the Asian trading session, the price reached 1.25. Then, in the morning, it started falling deeply. The price even dropped below 1.24 in the early evening. However, during the last hours of yesterday’s session, it managed to rise a bit. In consequence, the price finished the day a little above 1.24.
Today, the GBPUSD is rising significantly. It is already above 1.242. If the buyers continue generating firm demand, the price might even go up above the EMA 77 and reach 1.245 today. But if the bears counterattack, the price could return below 1.241.