The last session of the week was really interesting and volatile. In the end, both EURUSD and GBPUSD dropped significantly. Today, both currency pairs are rising, though. What can they do next? Let’s try to answer that question in an analysis:
On Friday, the EURUSD dropped heavily. The price finished the last session of the week below the S1 support level, the EMA 200 and 1.22. Today, it is rising significantly, though. It’s already above the EMA 200 and right now the bulls are attacking the Pivot Point. If they do it successfully, the price might even reach the R1 resistance level today. But if they fail, the price could fall to 1.215.
On Friday, the GBPUSD was really volatile. First, the price rose above 1.42. Then it dropped significantly and finished the week below the EMA 77, at 1.415. Today, the price is rising, though. It’s already above the EMA 77. If the buyers continue generating firm demand, the price might even reach 1.42 today. But if the bears counterattack, the price could even fall to 1.41.