On Friday, both EURUSD dropped significantly. Today both currency pairs are going down even more. What can they do next? Let’s try to answer that question in an analysis:
The EURUSD dropped significantly on Friday. The price finished the last session of the week below the S1 support level, at 1.173. Today, it is going down even more. Right now the bulls are trying to defend today’s S1. If they do it successfully, the price might rise to the Pivot Point. But if they fail, the price could fall below 1.17 today.
The GBPUSD also went down on Friday. The price finished the week below 1.374. Today it is falling even more. The price is already significantly below 1.37. If the buyers don’t generate some serious appetite, the price could drop below 1.365 today. But if they do, the price might return above 1.37.