Yesterday both EURUSD and GBPUSD managed to rise a bit. Today, both Forex pairs are still going up. From the data front, there will be many important publications, such as: the CPI in the Eurozone in December, the minutes of the European Central Bank’s December meeting and the Philadelphia Fed manufacturing index in January in the US. Anyway, let’s start the analysis:
The EURUSD managed to rise slightly yesterday. The price finished the session above 1.134. Today it is going up even more. Right now the bulls are attacking the R1 resistance level. If they do it successfully, the price might rise above the EMA 200 or even reach the R2. But if they fail, the price could drop below the Pivot Point.
The GBPUSD also rose slightly yesterday. The price finished the session slightly below the EMA 77 and 1.362. Today it is going up even more. If the buyers continue generating sufficient demand, the price might even reach 1.365 today. But if the bears counterattack, htep price could return below the EMA 77.