Yesterday, both EURUSD and GBPUSD rose significantly. Today the EURUSD is going down and the GBPUSD is showing mixed sentiment. From the data front, the Philadelphia Fed manufacturing index in February in the US will be published. Anyway, let’s move on to the analysis:
The EURUSD rose significantly yesterday. The price finished the session slightly below the R1 resistance level, above 1.137. During the first hours of today’s Asian trading session, the price dropped heavily and tested the S2 support level. However, it started rising in the morning. Right now the price is a little above the EMA 200. If the buyers continue generating firm demand, the price might even reach 1.14 today. But if the bears counterattack, the price could return below today’s S1.
The GBPUSD also rose significantly yesterday. The price finished the session a little below 1.358. Today, it is showing mixed sentiment. If the buyers show their strength once again, the price might reach 1.36 today. But if the bears take control over the market, the price could drop below EMA 77 and reach 1.356.