Yesterday, both EURUSD and GBPUSD dropped significantly. The EURUSD finished the day below the EMA 200 and the GBPUSD went down below 1.384. Today, both Forex pairs are rising, though. From the data front, manufacturing PMI, services PMI and markit composite PMI in April will be published, first in the Eurozone and the UK, then in the US. Anyway, let’s start the analysis:
That was a really volatile session yesterday. First the EURUSD rose above the R1 resistance level. Then it dropped below the S1 support level. However, in the evening it managed to go up a little and finished the day slightly below the EMA 200. Today, the price is rising strongly, though. Right now it is above the Pivot Point. If the buyers continue generating firm demand, the price might reach the R1 today. But if the bears counterattack once again, the price could fall below 1.20.
The GBPUSD was even weaker yesterday. The price dropped heavily and finished the day below 1.384. However, it is rising slowly today. If the buyers continue generating sufficient demand, the price might rise above the EMA 77 today. But if the bears counterattack and show their strength once again, the price could even fall below 1.38.