Yesterday both EURUSD and GBPUSD went down. Today both currency pairs are falling, though. What can they do next? Let’s try to answer that question in an analysis:
Yesterday was a really interesting session. First, during the early hours of the Asian trading session, the EURUSD managed to rise above 1.065. Then, the price started falling deeply. It even dropped below the S2 support level and 1.058 at the beginning of the American trading session. After that, the price started rising, though. In consequence, the EURUSD finished the day slightly above the S2, a little above 1.059.
During today’s Asian trading session, the price dropped below 1.057. Then, at the beginning of the European trading session, it started rising. If the buyers continue generating sufficient demand, the price might even go up above 1.06 and reach the Pivot Point. But if the bears counterattack, the price could fall to 1.056 today.
The GBPUSD also was really volatile yesterday. First, the price dropped below 1.22. Then, at the beginning of the American trading session, it started rising. The price even went up above 1.222 in the evening. However, during the last hours of yesterday’s session, it fell a bit. In consequence, the GBPUSD finished the day slightly above 1.22.
Today, the price is falling heavily. It is already below 1.218. If the buyers don’t generate some serious appetite soon, the price could drop even below 1.215. But if they do, the price might return above 1.22 today.