Yesterday, both EURUSD and GBPUSD significantly went up. The EURUSD finished the session a little above the R1 resistance level, and the GBPUSD rose above 1.393. Today, both currency pairs are showing mixed sentiment. From the data front, existing home sales in May in the US will be published. Anyway, let’s move on to the analysis:
The EURUSD significantly went up yesterday. The price finished the session a little above the R1 resistance level and 1.19. Today, the price is showing mixed sentiment. If the buyers take control over the market, the price might rise above the R1 resistance level and reach the EMA 200. But if the bears show their strength, the price could fall below the S1 support level.
Yesterday, the GBPUSD rose strongly. The price finished the session above 1.393. Today, it is going down a bit. The price is already below 1.39. Right now the bulls are defending the EMA 77. If they do it successfully, the price might reach 1.395 today. But if they fail, the price could even drop to 1.38.