On Friday, the EURUSD rose significantly, but the GBPUSD dropped. Today, both currency pairs are rising, though. What can they do next? Let’s try to answer that question in an analysis:
The EURUSD managed to rise on Friday. The price finished the session above the Pivot Point. During the first hours of today’s Asian trading session, the price rose above the R1 resistance level, then it dropped, but after the start of the European trading session it started going up once again. If the buyers continue generating firm demand, the price might rise and stay above today’s R1. But if the bears counterattack, the price could fall to the EMA 200.
The GBPUSD went down on Friday. The price finished the week slightly above 1.375. However, it is rising today. The price is already above the EMA 77. If the buyers continue generating firm demand, the price might rise above 1.38. But if the bears counterattack, the price could drop below the EMA 77.