02.06.202113:42 Forex Analysis & Reviews: Technical analysis and recommendations for EUR/USD and GBP/USD on June 2, 2021

EUR/USD

Another test of the important resistance (1.2243) on the daily time frame led to the formation of a rebound. Now, the daily short-term trend (1.2199) maintains its role as the nearest support and attraction level. The next downward targets are still set at 1.2150-59 (daily Fibo Kijun + historical level) - 1.2126 (daily medium-term trend) - 1.2093 - 1.2102 (daily Fibo Kijun + weekly Fibo Kijun) - 1.2027 (weekly medium-term trend). Therefore, the situation in its conclusions and expectations has not changed much. If the level of 1.2243 breaks down, it will be possible to rise to the target on the breakdown of the daily Ichimoku cloud (1.2345 - 1.2416), strengthened by the maximum extreme (1.2349).

The pair in the smaller time frame is in the correction zone for a long time. Bearish traders managed to take hold of the central pivot level (1.2226), but the long-term weekly trend (1.2207) remains unbroken so far. Thus, the bulls retain the opportunity to complete the current correction and return to the restoration of positions.

Today, the resistances of the classic pivot levels are seen at 1.2240 - 1.2269 - 1.2283. A breakdown of the moving average (1.2207) and its reversal can allow the bears to be active and effective. In turn, the supports of the classic pivot levels are at 1.2197 - 1.2183 - 1.2154.

GBP/USD

Another growth and test of the key level resulted in a defeat and the formation of a strong daily rebound again. At the same time, the daily short-term trend switched to the bearish side, and the pound sterling returned to the area of long-term consolidation. At the moment, the nearest support zone remains the worked-out daily target for the breakdown of the Ichimoku cloud (1.4137 - 1.4090), while the next supports will be the levels of the daily cross, reinforced by the historical border (1.4008). On the other hand, the resistance level of 1.4240 keeps its role as the most important pivot point in this area for the bulls.

The bears took control of the key levels in the smaller time frames, giving them the main advantage on the H1 chart. The downward pivot points are the support of the classic pivot levels 1.4110 - 1.4074 - 1.4005. A consolidation above the key levels 1.4171-79 (central pivot level + weekly long-term trend) will help influence the current balance of power. If the pair consolidates above, the upward pivot points 1.4215 - 1.4284 - 1.4320 (resistances of the classic pivot levels) will be relevant.

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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.