On Friday the EURUSD rose a bit, but the GBPUSD showed mixed sentiment. Today both Forex pairs are rising, though. From the data front, manufacturing PMI, Markit composite PMI and services PMI in August will be released, first in the Eurozone, then in the UK and the US. In the States, also existing home sales in July will be published this afternoon. Anyway, let’s start the analysis:
The EURUSD managed to rise a bit on Friday. The price finished the week a little below 1.17, though. Today, it is still rising. The price is already above the R1 resistance level. If the buyers continue generating firm demand, the price might go up high above the R2 today. But if the bears counterattack, the price could drop to the Pivot Point.
The GBPUSD showed mixed sentiment on Friday. In consequence, the price finished the week a little above 1.361. Today, the price is rising, though. It’s already above the EMA 77. If the buyers continue generating firm demand, the price might even reach 1.37 today. But if the bears counterattack, the price could drop below the EMA 77.