Yesterday, both EURUSD and GBPUSD went up once again. The EURUSD finished the session at the EMA 200, a little below the R1 resistance level. The GBPUSD rose above 1.394. Today, the EURUSD is falling, but the GBPUSD is going up. From the data front, manufacturing PMI, markit composite PMI and services PMI in June will be published, first in the Eurozone, then in the UK and the US. Anyway, let’s start the analysis:
Yesterday, the EURUSD rose significantly. However, the bulls weren’t strong enough to beat the R1 resistance level and the price finished the session a little below it, at the EMA 200. Today, the price is going down, though. Right now the bulls are trying to defend the Pivot Point. If they do it successfully, the price might rise above the EMA 200. But if they fail, the price could drop to the S1 support level and 1.19.
The GBPUSD also rose a bit yesterday. First the price dropped below the EMA 77, but then it rose above 1.394. During today’s Asian trading session, it dropped a bit, but this morning the price started rising strongly. If the buyers continue generating firm demand, the price might even reach 1.40 today. But if the bears counterattack, the price could fall to the EMA 77.