Yesterday both EURUSD and GBPUSD rose significantly. Today both currency pairs are going up even more. From the data front, all eyes will be focused on the European Central Bank interest rate decision and press conference. Anyway, let’s move on to the analysis:
EURUSD
Yesterday was a really interesting session. First, during the early hours of the Asian trading session, the EURUSD dropped below 1.104. Then, the price started rising strongly. It even went up above the EMA 200 and 1.11 in the evening. However, during the last three hours of yesterday’s session, the price fell a bit. In consequence, the EURUSD finished the day a little above the R1 resistance level, slightly below 1.109.
During the first hours of today’s Asian trading session, the price dropped below 1.108 and reached the Pivot Point. Then it started rising strongly. The price is already above today’s R1 and 1.113. If the buyers continue generating firm demand, the price might go up above 1.114 and reach today’s R2. But if the bears counterattack, the price could return below today’s R1 and 1.111.
GBPUSD
The GBPUSD also was really volatile yesterday. First, during the early hours of the Asian trading session, the price dropped below 1.288. Then, it started rising strongly. The price even reached 1.296 in the evening. However, during the last three hours of yesterday’s session, it went down. In consequence, the GBPUSD finished the day slightly above 1.294.
During the first hours of today’s Asian trading session, the price dropped below 1.293. Then it started rising strongly. The price is already above 1.298. If the buyers continue generating firm demand, the price might even reach 1.30 today. But if the bears counterattack, the price could drop to 1.295.
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