empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

05.06.202011:20 Forex Analysis & Reviews: Results of analysis of the COT report for EUR/USD and GBP/USD on June 5

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Results of analysis of the COT report for EUR/USD and GBP/USD on June 5

EUR / USD

Exchange Rates 05.06.2020 analysis

The expected slowdown yesterday was only limited to lower time intervals. The daily trend was actively continued. The pair reached the next important benchmark - the monthly medium-term trend (1.1260). As a result, a slowdown is possible again. A breakthrough of this resistance will open the way to the fulfillment of the daily goal for the breakdown of the cloud (1.1412-99) and the monthly Fibo Kijun (1.1530). In the event of a slowdown or a downward correction, yesterday's resistance, led by the upper border of the weekly cloud (1.1225), can now work as support (1.1225 - 1.1190 - 1.1167). It should be noted that, as expected, the trend set at the close of the previous week and month was continued. From an analysis of the previous COT report (Commitments of Traders dated 05/26/20), it was concluded that major market players responsible for maintaining the current trend advantage, maintain and strengthen the support of players to increase. It was also assumed that the daily trend movement could not do without deep downward corrections, since the final majority was still on the side of the bears (91.9% against 86.3%). However, this expectation has not yet been confirmed, possibly due to the fact that the Commercials group, capable of provoking a reversal, at the time of reporting did not have a significant and necessary advantage in short positions over long positions. Today, we close the week and look forward to the release of a new report. At the moment, the advantage on the side of the players is to increase, the upward daily trend is in the active phase. The corrective assumptions in the upper halves have not yet been formed.

Exchange Rates 05.06.2020 analysis

In the lower halves, with the support of all the analyzed technical instruments, an upward trend is developing. The upward pivot points within the day are the resistance of the classic pivot levels - 1.1400 (R1) - 1.1465 (R2) - 1.1567 (R3). On the other hand, the key lower support is located today at 1.1298 (central pivot level) and 1.1191 (weekly long-term trend).

GBP / USD

Exchange Rates 05.06.2020 analysis

The players to decline made a small corrective decline yesterday and updated the minimum of the previous day. Nevertheless, the correction did not receive a larger development. During the day, it was completed with the continuation of the upward trend. Active promotion of players to increase is currently held back by a fairly wide resistance zone, combining the accumulation of levels - a monthly medium-term trend (1.2595), a weekly cloud (1.2620-70) and a weekly Fibo Kijun (1.2710). It takes time to form the result of the interaction with the encountered resistances. In the latest COT report (Commitments of Traders dated 05/26/20), the Non-Commercial group advantage remained on the bearish side. However, the pound failed to maintain the bearish trend. Moreover, a golden cross appeared on the daily chart of Ichimoku, as a result, the pair came with an upward trend by the end of the week. Apparently, the circumstances at this stage were stronger than the large trend bears, which only hypes interest in the data of today's COT report.

Exchange Rates 05.06.2020 analysis

There is an upward trend on the hourly chart (H1). The advantages of technical instruments, while completely on the side of the players to increase. Resistances within the day are the classic pivot levels (1.2649 - 1.2707 - 1.2781). The key support, which is responsible for the distribution of forces at lower time intervals, is now located at 1.2575 (central Pivot level) and 1.2508 (weekly long-term trend).

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)

Evangelos Poulakis
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off