Yesterday the EURUSD showed mixed sentiment and the GBPUSD rose strongly. Today both Forex pairs are going down. What can they do next? Let’s try to answer that question in an analysis:
Yesterday was a really volatile session. First the EURUSD dropped below the S2 support level. Then it rose significantly and finished the session slightly above the EMA 200, a little below 1.103. Today, it is going down a bit. Right now the bulls are trying to defend the Pivot Point. If they do it successfully, the price might bounce and reach 1.105 today. But if they fail, the price could drop to today’s S1, below 1.098.
The British pound really showed its strength yesterday. The GBPUSD rose strongly and finished the session at 1.326. During the first hours of today’s Asian trading session it even went up to 1.329, but then it started falling heavily. Right now the price is below the EMA 77, slightly above 1.322. If the buyers don’t generate some serious appetite soon, the price could drop below 1.32. But if they do, the price might return above 1.325.