Yesterday, both EURUSD and GBPUSD rose strongly. The EURUSD finished the day above the R1 resistance level and the EMA 200. The GBPUSD ended the session above 1.396. Today, both currency pairs are still going up. From the data front, many important publications will be released, such as manufacturing PMI, markit composite PMI, services PMI in February, all in the UK, Eurozone and the US. Existing home sales from January will also be published in the US. Anyway, let’s start the analysis:
EURUSD
That was a good bullish session for the EURUSD. The price rose strongly and finished the day above the R1 resistance level and the EMA 200. Today it is going up even more. The price is already above 1.21. If the buyers continue generating firm demand, the price might even reach the R2 today. But if the bears counterattack, the price could fall to the Pivot Point.
GBPUSD
The GBPUSD was even stronger yesterday. The price rose greatly and finished the day above 1.396. During today’s Asian the first hours of today’s Asian trading session the price dropped, but then it started going up. If the buyers continue generating firm demand, the price should cross psychological barrier 1.40 and hold above it until the end of the week. But if the bears counterattack, the price could fall to the EMA 77.
SSL Secured