07.06.202113:51 Forex Analysis & Reviews: Technical analysis and recommendations on EUR/USD and GBP/USD on June 7

EUR/USD

The bears failed to maintain the dominance of their moods at the close of the previous week. As a result, the nature of the last weekly candle is dominated by uncertainty due to the presence of long shadows. In the current conditions, bearish traders are still opposed by a fairly wide support zone formed by the Ichimoku levels of various time frames. The nearest support levels are noted at 1.2126 - 1.21 - 1.2068 - 1.2027 today.

The attraction and influence on the development of the movement are now set at 1.2150-59 (historical level + daily Fibo Kijun). If the positions are restored by the bulls, the resistance of the daily short-term trend (1.2184) will have a possible value, while the historical level of 1.2243 will retain its role as the key resistance.

The opponent managed to break through the central pivot level (1.2152), despite the support of technical indicators to the bearish mood in the smaller time frames. If they maintain this support now, the next important pivot point will be taking the weekly long-term trend (1.2188). Today's next upward pivot points are at 1.2200 - 1.2234 - 1.2282 (resistance of the classic pivot levels). The breakdown of the central pivot level (1.2152) will contribute to a possible strengthening of bearish sentiment and the return of their activity. If so, we can note the supports of the classic pivot levels at 1.2118 - 1.2070 - 1.2036 (classic pivot levels).

GBP/USD

Last week left another trail of uncertainty on the history charts. Currently, the most important resistance (1.4240) remained unbroken, retaining its strength and significance. All further prospects will open up for the bulls only after breaking through the level of 1.4240 and sharply consolidating above. The current support and attraction zone continues to be the daily short-term trend (1.4165), the daily Fibo Kijun (1.4077), and the worked-out target for the breakdown of the Ichimoku cloud (1.4137-1.4090). Going beyond the limits will allow us to consider opportunities for a decline to 1.4024-08 (historical level + daily medium-term trend) and 1.3971-59 (upper limits of the daily and monthly cloud + daily Fibo Kijun + weekly short-term trend).

The smaller time frames confirm and preserve the uncertainty in the higher periods. There is no directional movement. The pair has been trading for a long time in the influence and attraction zone of the key levels of the smaller intervals, which now unite their efforts at 1.4146-59 (central pivot level + weekly long-term trend). In turn, a variable and ineffective success are enjoyed by one or the other market players. Today's classic pivot levels form the resistances of 1.4210 - 1.4263 - 1.4327 and supports of 1.4093 - 1.4029 - 1.3976.

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Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart, are used in the technical analysis of the trading instruments.