Yesterday both EURUSD and GBPUSD went down. Today both currency pairs are rising significantly, though. What can they do next? Let’s try to answer that question in an analysis:
EURUSD
Yesterday was a really interesting session. First, during the early hours of the Asian trading session, the EURUSD managed to rise above 1.092. Then, the price started falling heavily. It even dropped below the S2 support level and 1.086 at the beginning of the American trading session. After that, the price started rising. In consequence, the EURUSD finished the day slightly below the S1 and 1.089.
Today, the price is rising significantly. It is already above 1.091. If the buyers continue generating firm demand, the price might go up above today’s R1 resistance level and even reach 1.094 today. But if the bears counterattack, the price could return below 1.09 and reach the EMA 200.
GBPUSD
The GBPUSD also was really volatile yesterday. First, during the early hours of the Asian trading session, the price managed to rise above 1.254. Then, it started falling. The price even dropped below 1.253 at the beginning of the European trading session. After that, it started rising once again. The price returned above 1.254 in the early afternoon.
Right after that, it started falling heavily, though. The price even dropped below 1.245 at the beginning of the American trading session. Then, it started rising one more time. In consequence, the GBPUSD finished the day slightly above 1.249.
Today, the price is rising significantly. It is already above 1.252. If the buyers continue generating firm demand, the price might even reach 1.255 today. But if the bears counterattack, the price could return below the EMA 77 and 1.25.
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