Yesterday, bothe EURUSD and GBPUSD rose strongly. The EURUSD finished the session above 1.22 and the GBPUSD got close to 1.42. Today, the EURUSD is rising even more and the GBPUSD is showing mixed sentiment. From the data front, the minutes of the last meeting of the FOMC will appear and the CPI in April in the Eurozone will be published. Anyway, let’s start the analysis:
The EURUSD rose strongly yesterday. The price finished the session above 1.222, a little below the R3 resistance level. Today, it is rising even more. If the buyers continue generating sufficient demand, the price might reach today’s R1. But if the bears counterattack, the price could drop to the Pivot Point.
The GBPUSD also rose significantly yesterday. However, the bulls weren’t strong enough to stay above 1.42, so the price finished the session slightly below that level. Today, the price is showing mixed sentiment and the volatility is rather low. If the buyers show their strength once again, the price might finally beat 1.42 and hold above that level. But if the bears take control over the market, the price could drop below the EMA 77.