On Friday, both EURUSD and GBPUSD dropped a bit. The EURUSD finished the week a little above 1.19 and the GBPUSD slightly above 1.37. Today, the EURUSD is falling, but the GBPUSD is rising. From the data front, retail sales in the Eurozone will be published today. Anyway, let’s start the analysis.
Friday’s session was really interesting. First the EURUSD dropped to the S1 support level. However, the price managed to bounce in the afternoon and it finished the session above the Pivot Point and 1.19. Today, the price is falling once again. Right now the bears are testing the S1. If the bulls don’t generate some serious appetite there, the price could even fall to the S2 today. But if they do, the price might return to 1.19.
The GBPUSD also went down a bit on Friday. However, it managed to finish the week above 1.37. During today’s Asian trading session, the price dropped significantly, but this morning it started rising strongly. Right now the bulls are attacking the EMA 77. If they do it successfully, the price might reach 1.375 today. But if they fail, the price could return below 1.37.