Yesterday both EURUSD and GBPUSD dropped significantly. Today both currency pairs are rising, though. What can they do next? Let’s try to answer that question in an analysis:
The EURUSD dropped heavily yesterday. The price finished the session significantly below the S1 support level, slightly above 1.034. However, it is rising today. Right now the bulls are attacking the Pivot Point. If they do it successfully, the price might go up above 1.041 today. But if they fail, the price could drop below the EMA 200 and reach 1.037.
The GBPUSD also dropped deeply yesterday. The price finished the session slightly below 1.196. However, it is rising today. If the buyers continue generating firm demand, the price might even reach 1.21 today. But if the bears counterattack, the price could drop to the EMA 77.