Yesterday’s session was quite surprising. The EURUSD dropped heavily and the GBPUSD went down a bit. Today, both Forex pairs are slowly rising. From the data front, the markets will be focused on the release of the Eurozone Q4 GDP, which is likely to show a decline. Anyway, let’s start the analysis:

EURUSD

The EURUSD dropped heavily yesterday. The price finished the day below the S2 support level. Today the price is slowly going up, though. If the buyers are strong enough to generate sufficient demand for a couple more hours, the price might return above the EMA 200 and 1.21. But if they don’t, the price could fall below 1.205.

EURUSD - 02.02.2021

GBPUSD

The GBPUSD also dropped a bit yesterday. However, it went up above 1.37 first, even tested 1.375. Then it fell heavily. Today the price is significantly rising, though. It is already above the EMA 77 and it’s getting close to 1.37. If the bulls continue generating firm demand, the price might even test 1.375 one more time. But if the bears counterattack, the price could drop to 1.365.

GBPUSD - 02.02.2021