Yesterday both EURUSD and GBPUSD dropped significantly. The EURUSD even finished the session a little below the S1 support level and GBPUSD fell below 1.38. Today, the EURUSD is rising, but the GBPUSD is going down a bit. From the data front, manufacturing PMI, markit composite PMI and services PMI in October will be published – first in the Eurozone, then in the UK and the US. Anyway, let’s start the analysis:
The EURUSD dropped significantly yesterday. The price finished the session a little below the S1 support level. However, it is rising today. Right now the bulls are attacking the Pivot Point. If they do it successfully, the price might rise above the R1 resistance level today. But if they fail, the price could fall below the S1 and reach 1.16.
The GBPUSD also dropped significantly yesterday. The price finished the session below 1.38. Today it is going down even more. If the buyers don’t generate some serious appetite, the price could fall below 1,375 today. But if they do, the price might return above the EMA 77 and 1.38.