Yesterday both EURUSD and GBPUSD dropped significantly. Today both Forex pairs are going down even more. From the data front, all eyes will be focused on the Fed interest rate decision and the press conference. Anyway, let’s move on to the analysis:
The EURUSD dropped heavily yesterday. The price finished the session significantly below the S1 support level, slightly below 0.997. Today it is going down even more. Right now the bulls are trying to defend today’s S2 and 0.99. If they do it successfully, the price might bounce and reach 0.993 today. But if they fail, the price could fall to 0.988.
The GBPUSD also dropped significantly yesterday. The price finished the session below 1.138. Today it is going down even more. The price is already below 1.134. If the buyers don’t generate some serious appetite, the price could even fall below 1.13 today. But if they do, the price might return above 1.136.