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EUR/USD and GBP/USD: Technical analysis for June 2
June 2, 2023 12:24 pmVideo
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EUR/USD
Higher timeframes
May closed with a bearish candle for the euro. If the pair manages to eliminate the weekly golden cross, with its final level currently at 1.0692, the decline may resume with renewed strength. In this case, traders’ attention will be directed towards a zone that combines several important target levels: 1.0579 (monthly Fib Kijun), 1.0515 (upper boundary of the weekly cloud), 1.0557, and 1.0497 (target for breaking the daily cloud). However, if the bulls—who started the new month quite actively—continue the upward movement, their immediate tasks can be outlined as follows: reclaiming support from the weekly cross (1.0770 – 1.0847 – 1.0866) and the monthly medium-term trend (1.0901), eliminating the currently formed daily death cross (1.0864 – 1.0918), and once again testing the strength of the daily Ichimoku cloud.
H4 – H1
On the lower timeframes, the bulls have managed to capture key levels and now possess the main advantage. Resistance levels of classic pivot points serve as reference points for further upward movement within the day. Today, they are located at 1.0800 – 1.0838 – 1.0907. A breakthrough of key levels at 1.0731-18 (central pivot point + weekly long-term trend) and a solid consolidation below will change the current balance of power in favor of strengthening bearish sentiment. In this case, support levels of classic pivot points, currently at 1.0693 – 1.0624 – 1.0586, will serve as reference points for the downward movement.
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GBP/USD
Higher timeframes
The May candle indicated more uncertainty rather than expressing a preference for either market player. Currently, the task for the bulls is to eliminate the daily Ichimoku cross (1.2536) and updating the May high (1.2678). For the bears, it still comes down to breaking through a sufficiently wide zone of support at 1.2344 – 1.2302 – 1.2240 – 1.2192 (weekly and monthly levels + lower boundary of the daily cloud).
H4 – H1
On the lower timeframes, the advantage currently belongs to the bulls. Yesterday, they almost achieved their targets for breaking the H4 cloud (1.2545). The next reference points for them within the day can be the resistances of classic pivot points (1.2573 – 1.2625 – 1.2711). In the event of a correction, attention will be focused on key levels, which now act as supports and are located at 1.2487 (central pivot point of the day) and 1.2410 (weekly long-term trend). Consolidation below these levels can change the current balance of power. In this case, it is better to reassess the situation.
The technical analysis of the situation uses:
Higher timeframes – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
Lower timeframes – H1 – Pivot Points (classic) + Moving Average 120 (weekly long-term trend)
The material has been provided by InstaForex Company – www.instaforex.com
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