Yesterday both EURUSD and GBPUSD dropped heavily. Today both currency pairs are rising, 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 Asian trading session, the EURUSD rose above 1.091 and the R1 resistance level. Then, in the morning, the price started falling deeply. It even dropped below the S3 support level and 1.083 at the beginning of the American trading session. After that, the price started rising once again. In consequence, the EURUSD finished the day a little above 1.085.
Today, the price is rising even more. It is already above the Pivot Point and 1.086. If the buyers continue generating sufficient demand, the price might go up above the EMA 200 and reach 1.089 today. But if the bears counterattack, the price could drop to 1.085.
GBPUSD
The GBPUSD also was really volatile yesterday. First, during the Asian trading session, the price rose above 1.274. Then, in the morning, it started falling heavily. The price even dropped below 1.265 in the late afternoon. However, it managed to rise in the evening. In consequence, the GBPUSD finished the session a little above 1.268.
Today, the price is rising even more. It is already above 1.271. If the buyers continue generating sufficient demand, the price might go up above 1.273 today. But if the bears counterattack, the price could return below 1.27 and reach the EMA 77.
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