On Friday, both EURUSD and GBPUSD went up. The British pound was the strongest one. During the first hours of the Asian trading session, both Forex pairs dropped, but then they started rising. What can they do next? Let’s try to answer that question in an analysis:
That was a good bullish session for the EURUSD. First the price dropped to the S1 support level. Then it started rising and tested the R1 resistance level several times. In the end, the EURUSD finished the week at 1.198. After the weekend, the price went down below the S1. Then it started rising strongly. Right now the price is above the Pivot Point. If the buyers continue generating firm demand, the price might even reach 1.20 today. But if the bears counterattack, the price could return to the S1.
The GBPUSD was even stronger on Friday. The price went down above 1.38. Today it is rising even more. If the buyers continue generating firm demand, the price might even reach 1.39. But if the bears counterattack, the price could drop to the Pivot Point.