Yesterday, both EURUSD and GBPUSD rose a bit. Today, they are going up once again. From the data front, there will be many important releases in the US today, such as weekly initial jobless claims, Philadelphia Fed Manufacturing Index in April, and retail sales and core retail sales in March. Anyway, let’s start the analysis:
The EURUSD rose significantly once more yesterday. The price finished the session above the R1 resistance level. Today it is going up even more. If the buyers continue generating firm demand, the price might even reach 1.20 in the next few hours. But if the bears counterattack, the price could drop to the S1 support level.
The GBPUSD also went up a bit yesterday. However, the bulls weren’t strong enough to stay above 1.38. Today, the price is rising even more. If the buyers continue generating firm demand, the price might finally beat 1.38. But if the bears counterattack, the price could drop below the EMA 77.