Yesterday, the EURUSD dropped a bit, but the bulls successfully defended the Pivot Point. On the other hand, the GBPUSD slightly went up. Today both currency pairs are rising. From the data front, new home sales in January will be published in the US. Anyway, let’s start the analysis:
The EURUSD went down a bit yesterday. However, the bears attacked the Pivot Point several times, but it was strongly and successfully defended. Today, the price is rising. Right now the bulls are attacking the R1 resistance level. If they continue generating firm demand, the price might even reach 1.22 today. But if the bears counterattack, the price could fall to the EMA 200.
The GBPUSD slightly went up yesterday, but the volatility was really low. The price finished the day above 1.41. Today, it is rising much more. Right now the bulls are getting close to 1.42, which has already been tested during today’s Asian trading session. If they continue generating firm demand, the price should beat that level and hold above it for the rest of the day. But if the bears counterattack, the price could fall to the EMA 77.