Yesterday, both EURUSD and GBPUSD went down. Today the GBPUSD is falling even more, but the EURUSD is showing mixed sentiment. From the data front, the CPI in the Eurozone will be published. Anyway, let’s move on to the analysis:
Yesterday was a really interesting session. First, during the Asian trading session, the EURUSD rose above 1.127 and reached the R2 resistance level. Then, at the beginning of the European trading session, the price started falling. It even dropped below the S1 support level and 1.121 in the late afternoon. After that, in the evening, the price started rising once again. In consequence, the EURUSD finished the session at the Pivot Point, slightly below 1.123.
During today’s Asian trading session, the price dropped below the EMA 200 and 1.120. Then, at the beginning of the European trading session, it started rising significantly. The price is already above 1.123. If the buyers continue generating firm demand, the price might even reach 1.126 today. But if the bears counterattack, the price could return below 1.121.
The GBPUSD also was really volatile yesterday. First, the price rose above 1.312. Then, in the early afternoon, it started falling heavily. The price even dropped below 1.303 in the late afternoon. After that, in the evening, it started rising slowly. In consequence, the GBPUSD finished the session slightly below 1.304.
Today, the price is falling deeply, though. It is already below 1.295. If the buyers don’t generate some serious appetite soon, the price could even fall to 1.29 today. But if they do, the price might return above 1.298.