On Friday both EURUSD and GBPUSD dropped significantly. Today, the EURUSD is going down even more, but the GBPUSD is rising. From the data front, durable goods orders in the US in August will be published. Anyway, let’s move on to the analysis:
The EURUSD dropped significantly on Friday. The price finished the week slightly above 1.171. Today it is going down even more. Right now the bulls are trying to defend 1.17. If they do it successfully, the price might rise above the Pivot Point. But if they fail, the price could fall significantly below the S1 support level.
The GBPUSD also dropped significantly on Friday. The price finished the week at 1.367. However, it is rising today. The price is already above the EMA 77. If the buyers continue generating firm demand, the price might return above 1.37. But if the bears counterattack, the price could fall below 1.365.