Yesterday was a really interesting and volatile session. In the end, both EURUSD and GBPUSD rose strongly. Today, the EURUSD is falling and the GBPUSD is showing mixed sentiment. From the data front, all eyes will be focused on the Federal Reserve that will make an update on monetary policy. Anyway, let’s move on to the analysis:
Yesterday was a really volatile session. First, the EURUSD dropped significantly and the bears tested the S1 support level. Then, the price rose above the R1 resistance level. After that, it dropped a bit in the evening, but still the price finished the session above 1.181. However, the price is going down today. It’s already below the Pivot Point. If the buyers don’t generate some serious appetite soon, the price could drop below the EMA 200 and 1.18. But if they do, the price might return above the Pivot Point.
The GBPUSD also rose strongly yesterday. The price finished the session above 1.388. Today, it is showing mixed sentiment, though. If the bulls show their strength once again, the price might rise above 1.39. But if the bears take control over the market, the price could drop to the EMA 77.