Yesterday both EURUSD and GBPUSD dropped significantly. Today both currency pairs are rising strongly, though. What can they do next? Let’s try to answer that question in an analysis:
EURUSD
The EURUSD dropped heavily yesterday. The price even reached the S2 support level and 1.091 in the late afternoon. Then, in the evening, it managed to rise a bit. In consequence, the price finished the session slightly below 1.093.
Today, it is going up strongly, though. The price is already above 1.095. If the buyers continue generating firm demand, the price might even reach 1.098 and the R1 resistance level. But if the bears counterattack, the price could return below 1.095 and reach the Pivot Point.
GBPUSD
The GBPUSD also dropped significantly yesterday. The price even went down below 1.236 in the late afternoon. Then, in the evening, it managed to rise a bit. In consequence, the price finished the session slightly below 1.238.
Today, it is going up strongly, though. The price is already above 1.241 and the EMA 77. If the buyers continue generating firm demand, the price might even reach 1.244 today. But if the bears counterattack, the price could return below the EMA 77.
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