Yesterday both EURUSD and GBPUSD went down one more time. The GBPUSD even finished the session below 1.34. Today the EURUSD is rising, but the GBPUSD is falling even more. 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 above the S1 support level. However, it is rising today. If the buyers continue generating firm demand, the price might reach the R2 resistance level, the EMA 200 and 1.13. But if the bears counterattack, the price could fall to 1.12.
The GBPUSD dropped significantly yesterday. The price finished the session below 1.34. Today it is falling even more. If the buyers don’t generate some serious appetite soon, the price could go down below 1.335 today. But, if they do, the price might rise above the EMA 77.