Yesterday both EURUSD and GBPUSD went down. Today the GBPUSD is rising and the EURUSD is showing mixed sentiment. From the data front, the CPI and core CPI in June in the Eurozone will be published. Anyway, let’s move on to the analysis:
Yesterday was a really volatile session. First, during the Asian trading session, the EURUSD dropped below the S1 support level and reached 1.088. Then, in the morning, the price started rising. It even reached 1.094 in the early afternoon. Right after that, the price started falling heavily. It even dropped below 1.086 at the beginning of the American trading session. Then, the price started rising once again. One hour later, it managed to return above the S1 and 1.089. Right after that, the price started going down one more time. In consequence, the EURUSD finished the day slightly above 1.086.
Today the price is showing mixed sentiment. The volatility is rather low, though. If the buyers take control over the market, the price might rise above 1.088 and reach the Pivot Point. But if the bears show their strength once again, the price could drop to 1.084 today.
The GBPUSD also was really volatile yesterday. First, during the Asian trading session, the price dropped below 1.262. Then, in the morning, it started rising. The price even went up above 1.266 and reached the EMA 77 in the early afternoon. Right after that, it started falling heavily. The price even reached 1.259 at the beginning of the American trading session. Then, it started rising a bit. In consequence, the GBPUSD finished the day a little above 1.26.
During today’s Asian trading session, the price rose above 1.263 and reached the EMA 77. Then, in the morning, it dropped below 1.26. However, at the beginning of the European trading session, the price started going up once again. It is already above 1.264. If the buyers continue generating firm demand, the price might even reach 1.267 today. But if the bears counterattack, the price could return below the EMA 77 and 1.262.