Yesterday both EURUSD and GBPUSD showed mixed sentiment. Today both currency pairs are rising strongly, though. What can they do next? Let’s try to answer that question in an analysis:
Yesterday was a really interesting session. First, in the morning, the EURUSD dropped below the Pivot Point and 1.089. Then, still before noon, the price started rising. It even reached the EMA 200 in the early afternoon. After that, the price started going down, though. In consequence, the EURUSD finished the session a little above 1.09.
Today, the price is rising strongly, though. It is already above today’s R2 resistance level. If the buyers continue generating firm demand, the price might even reach 1.096 today. But if the bears counterattack, the price could return below 1.092 and the EMA 200.
The GBPUSD was even more volatile yesterday. First, during the Asian trading session, the price managed to rise above 1.274. Then, at the beginning of the European trading session, it started falling. The price even dropped below 1.269 in the early afternoon. After that it started rising once again and reached the EMA 77 in the late afternoon. However, in the evening, the price started going down one more time. In consequence, the GBPUSD finished the day a little below 1.271.
Today, the price is rising strongly, though. It is already above 1.274. If the buyers continue generating firm demand, the price might even reach 1.277 today. But if the bears counterattack, the price could return below 1.273 and reach the EMA 77.