Yesterday, both EURUSD and GBPUSD rose significantly. The EURUSD finished the session above the R1 resistance level, and the GBPUSD rose above 1.42. Today, the EURUSD is showing mixed sentiment and the GBPUSD is still rising. From the data front, manufacturing PMI in May will be published in the Eurozone, UK and the US. Also, the CPI in May will be published in the Eurozone. Anyway, let’s start the analysis:
Yesterday was a strong bullish session for the EURUSD. The price rose above the R1 resistance level. During today’s Asian trading session it dropped a bit, but this morning it started rising once again. If the buyers continue generating sufficient demand, the price might reach 1.225 today. But if the bears counterattack, the price could fall below the Pivot Point, to the EMA 200.
The GBPUSD also rose significantly yesterday. The price finished the session above 1.42. Today, it is rising even more. If the buyers continue generating firm demand, the price might reach 1.425 today. But if the bears counterattack, the price might drop to the EMA 77.