Yesterday the EURUSD dropped significantly and the GBPUSD showed mixed sentiment. Today both currency pairs are going down, though. What can they do next? Let’s try to answer that question in an analysis:
Yesterday was a really interesting session. First, the EURUSD dropped below the S2 support level and 1.081. Then, at the beginning of the American trading session, the price started rising. It even went up above the S1 in the evening. After that, the price fell a bit once again. In consequence, the EURUSD finished the day slightly below the S1 support level and 1.084.
Today the price is going down even more. It is already below 1.082. If the buyers don’t generate some serious appetite soon, the price could drop below 1.081 and reach today’s S1. But if they do, the price might rise above the Pivot Point and 1.084 today.
The GBPUSD also was really volatile yesterday. First, during the Asian trading session, the price dropped 1.243. Then, during the first hours of the European trading session, it started rising significantly. The price even went up above 1.25 in the evening. After that, it fell once again. In consequence, the GBPUSD finished the session a little above the EMA 77, slightly below 1.249.
Today the price is going down even more. It is already below 1.246. If the buyers don’t generate some serious appetite soon, the price could drop below 1.244 today. But if they do, the price might return above 1.247.