Yesterday was a great bullish session for the EURUSD. The price finished the day close to 1.19. On the other hand, the GBPUSD showed mixed sentiment. The price is still above the EMA 77, though. Today, both Forex pairs are going up, but one more time, the euro is much stronger. From the data front, the market will be focused on some important releases in the US: the Q3 GDP, initial jobless claims, durable goods orders and new home sales (all in October) will be published. Anyway, let’s start the analysis:
The EURUSD showed some real strength yesterday. The price went up significantly and finished the day close to the R1 resistance level and 1.19. Today, the price is even higher. It has already breached the R1. If the bulls continue generating firm demand, the price might test the R2 pretty soon. But if the bears counterattack, the price could go down to the Pivot Point.
GBPUSD showed mixed sentiment yesterday. The volatility wasn’t increased either, the price didn’t get close to 1.34, but the bulls also successfully defended the EMA 77. This morning the price is going up a bit, though. If the bulls continue generating sufficient demand, the price might finally test 1.34. However, if the bears take control over the market, the price could even go down to 1.33.