Yesterday, both EURUSD and GBPUSD rose strongly. The EURUSD finished the day at the R1 resistance level and the GBPUSD ended the session slightly below 1.42. Today, the EURUSD is showing mixed sentiment and the GBPUSD is going down a bit. From the data front, the services PMI, manufacturing PMI and markit composite PMI in May will be published in the Eurozone, UK and the US. In the US existing home sales in April will also be released. Anyway, let’s start the analysis:
Yesterday was a good bullish session. The EURUSD rose significantly and finished the day at the R1 resistance level.Today, it is showing mixed sentiment. If the buyers show their strength, the price might reach today’s R1. But if the bears take control over the market, the price could drop below the Pivot Point.
The GBPUSD also rose significantly yesterday. The price finished the day slightly below 1.42. However, it is going down a bit today. If the buyers don’t generate some serious appetite, the price could drop below the EMA 77. But if they do, the price might rise above 1.42.