Yesterday, the US dollar showed its strength. The EURUSD dropped heavily and finished the day at the S1 support level. The GBPUSD also went down a bit and ended the session slightly below the EMA 77. However, both currency pairs are rising today. What can they do next? Let’s try to answer that question in an analysis:
Yesterday was a totally bearish session for the EURUSD. The price dropped heavily and finished the day at the S1 support level. However, it is rising today. Right now the bulls are trying to hold above the EMA 200. If they do it successfully, the price might even reach the R1 resistance level today. But if they fail, the price could fall to the S1.
The GBPUSD also dropped a bit yesterday. The price finished the day slightly below the EMA 77. Today, it is rising again, though. If the buyers continue generating firm demand, the price might even reach 1.40 today. But if the bears counterattack, the price could fall below 1.39.