Yesterday both EURUSD and GBPUSD rose significantly. However, both currency pairs are going down today. From the data front, all eyes will be focused on the European Central Bank and Bank of England interest rate decisions and press conferences. Anyway, let’s move on to the analysis:
The EURUSD rose significantly yesterday. The price finished the session a little above 1.068, slightly below the R1 resistance level. However, it is going down today. Right now the bulls are trying to defend the S1 support level. If they do it successfully, the price might return above 1.066. But if they fail, the price could even drop below 1.062.
The GBPUSD also rose significantly yesterday. The price finished the session at 1.242. However, it is going down today. If the buyers don’t generate some serious appetite soon, the price could even drop below 1.233 today. But if they do, the price might return above 1.237 and reach the EMA 77.