For Traders

Analytical Reviews

Technical analysis

22.06.202113:40 Forex Analysis & Reviews: Technical analysis and recommendations on EUR/USD and GBP/USD on June 22

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.

EUR/USD

Yesterday, bullish traders not only indicated a slowdown but were also able to partially recover their positions. As a result, today's downward targets retained their value and location at 1.1833 (upper border of the weekly cloud) and 1.1695 - 1.1684 - 1.1619 (monthly Fibo Kijun + daily target for the breakout of the cloud). Meanwhile, the resistance levels still form a fairly wide zone where any of the levels 1.1950 - 1.1975 - 1.2007 - 1.2027 (lower border of the daily cloud + weekly Fibo Kijun + monthly short-term trend + daily and weekly cross levels) can be developed.

There was an upward correction. The central pivot level (1.1895), which was broken yesterday, was retested. The next pivot point to continue the corrective growth is the weekly long-term trend (1.1973). The nearest resistance level can be noted at 1.1943 (R1).

On the contrary, the breakdown of support of the central pivot level (1.1895) and the completion of the correction (1.1847) will lead to the restoration of the downward trend, where 1.1822 and 1.1797 (classic pivot levels) can serve as intraday pivot points.

GBP/USD

Bulls were able to return yesterday to retest the important levels passed the day before. Now, resistances can be combined and designated within the area of 1.3935-58-85 - 1.4017 (daily cloud + daily and weekly cross + upper border of the monthly cloud). If a rebound occurs after retesting and updating the low (1.3786), the relevance will return to the downside targets set at 1.3743 (final level of the weekly golden cross) and 1.3653 - 1.3587 (daily target for the breakout of the cloud).

The pair is currently trading in the correction zone. The central pivot level (1.3884) is being tested right now. The role of the key resistance in the smaller time frames remains behind the weekly long-term trend (1.3953). A consolidation above and reversal of moving averages can change the current balance of forces. Today, we can consider the resistances of the classic pivot levels at 1.3982 - 1.4034 - 1.4132, while supports are at 1.3832 - 1.3734 - 1.3682.

***

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.

Back to the list

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.