Yesterday, both EURUSD and GPBUSD went up. The GBPUSD was much stronger though, it finished the day significantly above the EMA 77. Today, the EURUSD is showing mixed sentiment and the GBPUSD is falling. From the data front, there will be many important releases, such as manufacturing PMI in March in the Eurozone, UK and the US and weekly initial jobless claims in the US. Anyway, let’s start the analysis:
The EURUSD managed to rise a bit yesterday. The price tested the R1 resistance level, but in the late afternoon it dropped below the Pivot Point. Today the price is showing mixed sentiment. Right now the bulls are trying to hold above the Pivot Point. If they generate some strong appetite, the price might even reach the EMA 200 and the R1 today. But if the bears show their strength once again, the price could fall to 1.17.
The GBPUSD rose significantly yesterday. The price even tested the R1 resistance level, but the bulls weren’t strong enough to hold above that level. Today, the price is falling, though. It’s already below the EMA 77. If the buyers don’t generate some serious appetite soon, the price could drop to 1.37. But if they do, the price might return to 1.38.