On Friday both EURUSD and GBPUSD went down. Today both currency pairs are rising, though. What can they do next? Let’s try to answer that question in an analysis, S&P 500 first:
The EURUSD went down on Friday. The price finished the last session of the week slightly below 1.05, exactly at the EMA 200. However, it is rising today. The price is already above 1.052. If the buyers continue generating firm demand, the price might go up above the R1 resistance level and reach 1.055. But if the bears counterattack, the price could drop below the Pivot Point and the EMA 200, and even return below 1.05.
The GBPUSD also went down on Friday. The price finished the last session of the week slightly above 1.221. However, it is rising today. Right now the bulls are attacking the EMA 77. If they do it successfully, the price might bounce and even reach 1.23 today. But if they fail, the price could drop below 1.218.