EUR/USD and GBP/USD: Technical analysis for June 7
June 7, 2023 11:23 amVideo
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EUR/USD
Higher timeframes
The pair spent the past day in the area of attraction and influence of important levels 1.0708 – 1.0717 (daily short-term trend + final level of the weekly Ichimoku cross). Today, the price continues to work slightly below these levels. If the decline continues, market participants’ attention will be focused on testing the support zone 1.0579 – 1.0557 – 1.0515 – 1.0497 (monthly Fibonacci Kijun + weekly Senkou Span B + downside target for breaking the daily cloud). At the same time, in case of a change in sentiment and new market activity favoring an upward movement, the market will once again focus on resistances, with the nearest ones currently located around 1.0789 – 1.0806 (weekly medium-term trend + daily Senkou Span B).
H4 – H1
The key levels of the lower timeframes, 1.0698 – 1.0709 (central pivot point + weekly long-term trend), today practically coincide with the main attraction levels of the higher timeframes (1.0708 – 1.0717). Therefore, consolidating above these levels can significantly strengthen the bullish sentiment. The reference points for an upward movement within the day will be the resistances of the classic pivot points, currently at 1.0727 – 1.0763 – 1.0792. However, at the moment, the advantage on the lower timeframes belongs to bearish players. Their reference points today are at 1.0662 – 1.0633 – 1.0597 (support levels of the classic pivot points).
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GBP/USD
Higher timeframes
The pair continues to trade within the daily cloud and the attraction zone of the daily short-term trend (1.2427). There is uncertainty in the development of the situation. Meanwhile, the reference points for the price movement remain unchanged. For bulls, the resistances of 1.2492 – 1.2536 (weekly short-term trend + final levels of the daily death cross of Ichimoku) are of interest, while for bears, the area of 1.2344 – 1.2302 (weekly Fibonacci Kijun + monthly medium-term trend) remains the primary focus.
H4 – H1
Over the past day, there was no further development in the price movement, but the pair continues to trade below the key levels of the lower timeframes, thus maintaining the main advantage on the bears’ side. In case of a new phase of decline, the support levels of the classic pivot points will come into play within the day, currently located at 1.2388 – 1.2355 – 1.2321. If the bulls reclaim the key levels, currently around the 1.2422-45 range (weekly long-term trend + central pivot point), then bullish sentiment will become more promising. The upside targets of the classic pivot points in the current situation can be marked at 1.2455 – 1.2489 – 1.2522.
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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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