Yesterday the US dollar showed some real strength. In consequence, both EURUSD and GBPUSD dropped heavily. However, both currency pairs are rising today. From the data front, all eyes will be focused on the European Central Bank interest rate decision and press conference. Anyway, let’s start the analysis:
EURUSD
Yesterday was a shocking session. The EURUSD dropped deeply and finished the day at the S3 support level, slightly below 1.058. However, it is rising today. If the buyers continue generating firm demand, the price might go up above the EMA 200 and reach 1.066. But if the bears counterattack, the price could return below 1.059.
GBPUSD
The GBPUSD also dropped heavily yesterday. The price finished the session slightly below 1.206. However, it is rising today. If the buyers continue generating firm demand, the price might even go up above 1.214. But if the bears counterattack, the price could return below 1.207.
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