Yesterday both EURUSD and GBPUSD dropped significantly once again. Today both Forex pairs are going down even more. What can they do next? Let’s try to answer that question in an analysis:
The EURUSD dropped heavily yesterday. The price finished the session significantly below the S1 support level, slightly above 1.063. Today it is going down even more. Right now the bulls are trying to defend 1.06 and today’s S1. If they do it successfully, the price might bounce and reach 1.064. But if they fail, the price could even fall to 1.058 today.
The GBPUSD also dropped deeply yesterday. The price finished the session at 1.257. Today it is going down even more. If the buyers don’t generate some serious appetite soon, the price could even fall to 1.25 today. But if they do, the price might reach 1.26.