Yesterday both EURUSD and GBPUSD rose significantly. Today the GBPUSD is going down, but 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, the EURUSD rose above the R3 resistance level and 1.097. After that, at the beginning of the American trading session, the price started falling. 30 minutes later it dropped below 1.095. Then, in the late afternoon, the price started going up once again. In consequence, the EURUSD finished the session exactly at 1.096.
During today’s Asian trading session, the price dropped below the Pivot Point and 1.094.However, at the beginning of the European trading session, it started rising. If the buyers continue generating firm demand, the price might even reach 1.098 today. But if the bears counterattack, the price could fall to 1.093 and the EMA 200.
The GBPUSD also was really volatile yesterday. First, during the Asian trading session, the price managed to rise above 1.275. Then, at the beginning of the European trading session, it started falling. The price even dropped below the EMA 77 and 1.272 at noon. After that, it started going up once again, though. In consequence, the GBPUSD finished the session slightly below 1.275.
Today the price is falling heavily, though. It is already below 1.272. If the buyers don’t generate some serious appetite soon, the price could even fall to 1.269. But if they do, the price might return above the EMA 77 and 1.274.