Yesterday, the EURUSD rose and the GBPUSD showed mixed sentiment. Today, both currency pairs are rising strongly, though. From the data front, the CB consumer confidence index in May and new home sales in April will be published in the US. Anyway, let’s move on to the analysis:
The EURUSD rose significantly yesterday. The price finished the session above 1.22. Today, it is even stronger. Right now the price is above 1.225 and the bears are trying to defend the R2 resistance level. If the buyers continue generating firm demand, the price should beat and stay above that level. But if the bears show their strength, the price could drop below the R1.
The GBPUSD showed mixed sentiment yesterday. The price finished the session at the EMA 77. During today’s Asian trading session, the price rose significantly. It managed to rise above 1.42, but after the start of European trading session, the bears counterattacked. If the buyers don’t generate some serious appetite soon, the price could drop below the EMA 77. But if they do, the price should return and stay above 1.42.