On Friday both EURUSD and GBPUSD rose strongly. The EURUSD finished the week a little below 1.21 and the GBPUSD ended the session slightly below 1.39. During today’s Asian trading session, both Forex pairs rose even more. This morning the EURUSD dropped, but the GBPUSD is still going up. From the data front, durable goods orders in March will be published in the US. Anyway, let’s start the analysis:
Euro showed real strength on Friday. The EURUSD finished the day close to the R2 resistance level and a little below 1.21. During today’s Asian trading session, it rose even more, but this morning it started falling. Right now, the bulls returned below 1.21. If the buyers don’t generate some serious appetite soon, the price could drop to the Pivot Point. But if they do, the price should return above 1.21.
The GBPUSD also rose strongly on Friday. The price finished the week above the EMA 77 and slightly below 1.39. Today, the price is still rising strongly. If the buyers continue generating firm demand, the price might reach 1.395. But if the bears counterattack, the price could return below 1.39.