Yesterday both EURUSD and GBPUSD rose strongly. The EURUSD finished the session above the R1 resistance level and the GBPUSD went up above 1.383. Today both Forex pairs are showing mixed sentiment. From the data front, there will be many publications, such as services PMI and markit composite PMI in August in the Eurozone, UK and US, and most importantly nonfarm payrolls in August in the US. Anyway, let’s start the analysis:
Yesterday was a great bullish session for the EURUSD. The price finished the session above the R1 resistance level and 1.187. Today the price is showing mixed sentiment. If the buyers show their strength once again, the price might rise above today’s R1. But if the bears take control over the market, the price could drop to the Pivot Point.
The GBPUSD also rose strongly yesterday. The price finished the session above 1.383. During the first hours of today’s Asian trading session it went up even more, but then it started falling. If the buyers don’t generate some serious appetite soon, the price could drop to the EMA 77 today. But if they do, the price might reach 1.385.