Yesterday both EURUSD and GBPUSD went down once again. However, both Forex pairs are rising strongly today. What can they do next? Let’s try to answer that question in an analysis:

EURUSD

The EURUSD went down one more time yesterday. The price finished the session a little above the S1 support level, exactly at 1.05. However, it is rising strongly today. The price is already above the R1 resistance level. If the buyers continue generating firm demand, the price might reach today’s R2, the EMA 200 and 1.06 today. But if the bears counterattack, the price could drop to the Pivot Point.

EURUSD

GBPUSD

The GBPUSD also dropped significantly yesterday. The price finished the session slightly above 1.245. However, it is rising strongly today. If the buyers continue generating firm demand, the price might even go up above 1.26 today. But if the bears counterattack, the price could fall to the EMA 77 and 1.25.

GBPUSD