Yesterday the EURUSD managed to rise, but the GBPUSD dropped a bit. Today, both Forex pairs are going up, though. From the data front, the CPI and core CPI in the Eurozone in January will be published. Anyway, let’s move on the analysis:
The EURUSD managed to rise yesterday. The price finished the session a little below the Pivot Point, above 1.132. Today it is going up even more. If the buyers continue generating firm demand, the price might even reach the R1 resistance level and 1.137 today. But if the bears counterattack, the price could drop below the Pivot Point.
The GBPUSD was really volatile yesterday. First the price dropped heavily and reached 1.354.Then it managed to rise, but still it finished the session below the EMA 77, slightly above 1.358. However, it is going up strongly today. The price is already above 1.361. If the buyers continue generating firm demand, the price might reach 1.363 today. But if the bears counterattack, the price could fall to the EMA 77.