Yesterday both EURUSD and GBPUSD went down. Today, the GBPUSD is falling even more and the EURUSD is showing mixed sentiment. What can they do next? Let’s try to answer that question in an analysis:
Yesterday was a really interesting session. First, during the Asian trading session, the EURUSD dropped below 1.057. Then, at the beginning of the European trading session, the price started rising. It even went up above 1.06 and reached the Pivot Point in the early afternoon. After that, at the beginning of the American trading session, the price started falling heavily, though. It even reached the S1 support level in the evening. However, during the last three hours of yesterday’s session, the price managed to rise a bit. In consequence, the EURUSD finished the day at 1.057.
During today’s Asian trading session, the price dropped below 1.056. Then, in the morning, it started rising. If the buyers continue generating sufficient demand, the price might even go up above 1.058 and the Pivot Point today. But if the bears counterattack, the price could return below 1.056 and even reach today’s S1.
The GBPUSD was even weaker yesterday. After falling all day, the price finished the session slightly below 1.216. During today’s Asian trading session, it fell even more. The price even dropped below 1.214 in the morning. After that, it started rising slowly, though. If the buyers continue generating sufficient demand, the price might go up above 1.217 and even reach the EMA 77 today. But if the bears counterattack, the price could fall below 1.213.