Yesterday the US dollar got some real strength. In consequence, both EURUSD and the GBPUSD dropped heavily. The EURUSD even finished the session below 1.16. Today the EURUSD is rising slowly, but the GBPUSD is showing mixed sentiment. From the data front, the GDP in Q2 in the US will be published. Anyway, let’s move on to the analysis:
Yesterday was a shocking session. The EURUSD dropped deeply and finished the day significantly below the S3 support level, even a little below 1.16. However, the price is rising slowly today. If the buyers continue generating sufficient demand, the price might rise above the Pivot Point today. But if the bears show their strength once again, the price could return below 1.16.
The GBPUSD also dropped heavily yesterday. The price finished the session below 1.343. Today it is showing mixed sentiment. If the buyers take control over the market, the price might rise above the EMA 77 and reach 1.35 today. But if the bears show their strength once again, the price could even fall below 1.34.