Yesterday the EURUSD rose significantly, but 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, during the Asian trading session, the EURUSD dropped below 1.053. Then, the price started rising strongly. It even went up above the R1 resistance level and 1.061 in the late afternoon. However, the price fell in the evening. In consequence, the EURUSD finished the session a little above the R1 and 1.058.
Today, the price is falling, though. Right now the bulls are trying to defend 1.057. If they do it successfully, the price might return above the Pivot Point and even reach 1.06 today. But if they fail, the price could drop below the EMA 200 and reach 1.055.
The GBPUSD also was really volatile yesterday. First, during the Asian trading session, the price dropped below 1.209. Then, 30 minutes before noon, it started rising strongly. The price even reached 1.219 in the late afternoon. However, it fell in the evening. In consequence, the price finished the session a little above 1.214.
Today, the GBPUSD is falling, though. It is already below 1.211. If the buyers don’t generate some serious appetite soon, the price could drop to 1.208 today. But if they do, the price might return above 1.212.