Yesterday the US dollar showed some real strength. In consequence, both EURUSD and GBPUSD dropped deeply. However, both currency pairs are rising today. What can they do next? Let’s try to answer that question in an analysis:
EURUSD
Yesterday was a shocking session. The EURUSD dropped heavily and finished the day significantly below the S1 support level, slightly above 1.097. However, it is rising strongly today. The price is already above 1.101. If the buyers continue generating firm demand, the price might even reach the R1 resistance level and 1.104 today. But if the bears counterattack, the price could return below the Pivot Point and 1.10.
GBPUSD
The GBPUSD also dropped heavily yesterday. The price finished the session a little above 1.24. However, it is rising strongly today. The price is already above 1.245. If the buyers continue generating firm demand, the price might even reach 1.248 today. But if the bears counterattack, the price could return below 1.244.
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