Yesterday, both EURUSD and GBPUSD significantly went up. On the other hand, both currency pairs are going down heavily today. What can they do next? Let’s try to answer that question in an analysis:
That was a good bullish session for the EURUSD. The price went up strongly and finished the session at the R1 resistance level. However, it is falling deeply today. Right now the bears are getting close to the S1 support level. If the bulls don’t generate some serious appetite there, the price could drop to 1.185. But if they do, the price might rise to the EMA 200.
The GBPUSD rose yesterday as well. However, the bulls tested the EMA 77 several times, and they weren’t strong enough to beat it, so the price finished the day slightly below it. Today the price is falling significantly, though. Right now the bears are attacking 1.38. If the bulls don’t generate some serious appetite there, the price could drop to 1.375. But if they do, the price might rise to the EMA 77.