Yesterday, the EURUSD slightly went up, but the volatility was really low. On the other hand, the GBPUSD rose significantly and finished the day above 1.39. During today’s Asian trading session both currency pairs rose strongly. However, this morning they dropped and now the prices are only a little higher than they were at the beginning of the day. From the data front, the markets will be focused on the Q4 GDP and the ZEW economic sentiment reports, both in the Eurozone. Anyway, let’s start the analysis:
EURUSD
Yesterday the EURUSD went up a little. In the morning the price tested the R1 resistance level, but the bulls weren’t strong enough to beat it. Then the price dropped a bit. During the first hours of today’s Asian trading session, the price rose much more. However, the bears counterattacked quickly and the price dropped from the R1 to the Pivot Point. At the beginning of the European trading session it is rising once more. If the bulls continue generating firm demand, the price should beat and hold above the R1 resistance level. But if the bears counterattack, the price could fall below the Pivot Point.
GBPUSD
The GBPUSD went up strongly yesterday. The price finished the day above 1.39. During the first hours of today’s Asian trading session, the price went up even more. However, the bears counterattacked quickly and the price dropped near 1.39. At the beginning of the European trading session it is rising once more. If the bulls continue generating firm demand, the price might rise above 1.395. But if the bears counterattack, the price could fall to the EMA 77.
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