Yesterday was a really volatile session. The EURUSD dropped significantly and the GBPUSD rose one more time. Today, the EURUSD is showing mixed sentiment and the GBPUSD is going down a bit. From the data front, manufacturing PMI, markit composite PMI and services PMI in July will be published first in the Eurozone, then in the UK and the US. Anyway, let’s start the analysis:
Yesterday was an extremely volatile session. First, the EURUSD rose high above the R1 resistance level, then it quickly dropped below the S1 support level. In the evening the price rose a bit and finished the session at 1.177. Today, the price is showing mixed sentiment. If the buyers take control over the market, the price might even reach 1.18 today. But if the bears show their strength once again, the price could fall to 1.175.
The GBPUSD rose significantly yesterday. The price finished the session above 1.376. Today, it is going down a bit, though. Right now the bulls are trying to defend the EMA 77. If they do it successfully, the price might even reach 1.38 today. But if they fail, the price could drop to 1.37.