Yesterday, the EURUSD went up strongly and the GBPUSD dropped a bit. The volatility was really high, though. Today, both Forex pairs are rising. From the data front, the markets will be focused on the nonfarm payrolls in April, which will be published in the US today. Anyway, let’s move on to the analysis:

EURUSD

The EURUSD rose strongly yesterday. The price finished the session high above the R2 resistance level. Today it is rising even more. If the buyers continue generating firm demand, the price might reach today’s R1. But if the bears counterattack, it could drop to the Pivot Point.

EURUSD - 07.05.2021

GBPUSD

The GBPUSD dropped a bit yesterday. The price finished the session below the EMA 77 and 1.39. The volatility was really high, though. Surprisingly, the price is rising today. If the buyers continue generating firm demand, it might even reach 1.393 today. But if the bears counterattack, the price could return below the EMA 77.

GBPUSD - 07.05.2021