On Friday the EURUSD managed to rise, but the GBPUSD dropped significantly. Today, both Forex pairs are going down, though. From the data front, manufacturing PMI, markit composite PMI and services PMI – all in January – will be published, first in the UK and the Eurozone, then in the US. Anyway, let’s start the analysis:
The EURUSD managed to rise on Friday. The price finished the last session of the week above the Pivot Point, at 1.134. However, it is going down today. If the buyers don’t generate some serious appetite, the price could drop below the S1 support level and even below 1.13. But if they do, the price might return above the Pivot Point.
The GBPUSD dropped significantly on Friday. The price finished the session slightly above 1.355. Today it is going down even more. If the buyers don’t generate some serious appetite, the price could fall below 1.352 today. But if they do, the price might reach the EMA 77.