Yesterday the EURUSD dropped a bit, but the GBPUSD managed to rise. Today both Forex pairs are going up. From the data front, there will be many important publications today, such as services PMI and markit composite PMI in July in the Eurozone, UK and US. In the US the ADP nonfarm employment change in July will also be released. Anyway, let’s start the analysis:
The EURUSD dropped a bit yesterday. However, the bears weren’t strong enough to beat the S1 support level, so the price managed to slightly rise in the evening and it finished the session at the EMA 200. Today the price is rising slowly. It’s already above the Pivot Point. If the buyers continue generating sufficient demand, the price might reach the R1 resistance level today. But if the bears counterattack, the price could fall below the EMA 200.
The GBPUSD managed to rise yesterday. The price finished the session above the EMA 77 and 1.391. Today, it is going up even more. If the buyers continue generating firm demand, the price might rise above 1.395. But if the bears counterattack, the price could drop to the EMA 77.