Yesterday, both EURUSD and GBPUSD went up strongly. The first one finished the day on the R3 resistance level and the second rose rose above 1.36. Moreover, they are still going up today. From the data front, CPI and core CPI will be published in the Eurozone today. Also Joe Biden will make his first speech as the president of the United States. Anyway, let’s start the analysis:
That was a great bullish day for the EURUSD. The price went up strongly and finished the day on the R3 resistance level. During today’s Asian trading session it rose even more. However, after the start of the European trading session a moment ago it has suddenly started falling. If the buyers are able to still generate firm demand, the price should attack the R1 pretty soon. But if the bears counterattack, the price could drop to 1.21.
The GBPUSD went up strongly yesterday as well. The price finished the day significantly above 1.36. And today it is rising even more. If the buyers continue generating firm demand, the price might reach 1.37 today. But if the bears counterattack, the price could drop to the EMA 77.