On Friday both EURUSD and GBPUSD went down. Today both currency pairs are rising, though. What can they do next? Let’s try to answer that question in an analysis:
EURUSD
Friday was a really interesting session. First, during the Asian trading session, the EURUSD managed to rise above 1.055. Then, at the beginning of the European trading session, it started falling. The price even dropped below 1.05 during the American trading session. However, it started rising once again in the late afternoon. In consequence, the EURUSD finished the day a little above 1.052.
Today the price is rising even more. If the buyers continue generating sufficient demand, the price might even go up above today’s R1 resistance level and reach the EMA 200. But if the bears counterattack, the price could return below 1.051 today.
GBPUSD
The GBPUSD also was really volatile on Friday. First, during the Asian trading session, the price managed to rise above 1.222. Then, at the beginning of the European trading session, it started falling. The price even dropped below 1.213 in the evening. However, during the last three hours of Friday’s session, it managed to rise a bit. In consequence, the GBPUSD finished the day at 1.214.
Today the price is rising even more. It is already above 1.217. If the buyers continue generating firm demand, the price might go up above the EMA 77 and even reach 1.22 today. But if the bears counterattack, the price could return below 1.215.
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