Yesterday, both EURUSD and GBPUSD went down significantly. The EURUSD was much weaker, it finished the session slightly above the S3 support level and 1.17. Today, both currency pairs are rising, though. From the data front, there will be many important releases today, such as the CPI and core CPI in the Eurozone and pending home sales in February in the US. Anyway, let’s start the analysis:
Yesterday, the US dollar showed real strength. The EURUSD dropped heavily. If finished the day slightly above the S3 support level and 1.17. However, the price is rising today. Right now, it is at the Pivot Point. If the buyers continue generating firm demand, the price might even reach the R1 resistance level. But if the bears show its strength once again, the price could fall to 1.17.
The GBPUSD also dropped yesterday, but after reaching 1.37, the price managed to go up a bit. It finished the session slightly above 1.373. Today, the price is still rising. Right now it is above the EMA 77. If the buyers continue generating firm demand, the price might reach 1.38 today. But if the bears counterattack, the price could return to 1.37.