On Friday the US dollar showed some real strength once again. In consequence both EURUSD and GBPUSD dropped significantly. Today, the EURUSD is going down even more and the GBPUSD is showing mixed sentiment. 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, a little below 1.004. 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 reach 1.004 today. But if they fail, the price could fall below 1.001.
The GBPUSD also dropped heavily on Friday. The price finished the last session of the week slightly below 1.182. Today it is showing mixed sentiment. If the buyers take control over the market, the price might even reach the EMA 77 today. But if the bears show their strength once again, the price could fall below 1.178.