Yesterday, both EURUSD and GBPUSD dropped. The EURUSD finished the day at the S1 support level and the EMA 200. The GBPUSD ended the session a little above 1.41. However, both Forex pairs are rising today. From the data front, Philadelphia Fed Manufacturing Index in May and weekly initial jobless claims in the US will be published. Anyway, let’s start the analysis:

EURUSD

The EURUSD dropped significantly yesterday. he price finished the session at the S1 support level and the EMA 200. However, it is rising today. It’s already above the Pivot Point. If the buyers continue generating firm demand, the price might reach the R1 resistance level today. But if the bears show their strength once again, the price could even fall to the S1.

EURUSD - 20.05.2021

GBPUSD

The GBPUSD also dropped significantly yesterday. The price finished the session a little above 1.41. However, it is rising today. Right now, the price is getting close to the EMA 77. If the buyers continue generating firm demand, the price might return above 1.42. But if the bears show their strength once again, the price could fall below 1.41.

GBPUSD - 20.05.2021