Yesterday both EURUSD and GBPUSD dropped deeply. The EURUSD went down significantly below the S2 support level and the GBPUSD finished the session near 1.379. However, both Forex pairs are rising a bit today. From the data front, the CPI in August in the Eurozone will be published. Anyway, let’s start the analysis:
The EURUSD dropped heavily yesterday. The price finished the session significantly below the S2 support level. However, it is rising today. If the buyers continue generating sufficient demand, the price might reach the EMA 200. But if the bears counterattack, the price could fall to 1.175.
The GBPUSD dropped significantly yesterday. The price finished the day near 1.379. During today’s Asian trading session it rose to the EMA 77, but this morning the price started going down once again. If the buyers take control over the market, the price might rise above the EMA 77 and 1.38 today. But if the bears show their strength one more time, the price could fall to 1.375.