24.06.202113:40 Forex Analysis & Reviews: Technical analysis and recommendations on EUR/USD and GBP/USD on June 24

EUR/USD

The situation is still not noticeably changing. The pair remains below the resistance levels of 1.1950-75 (lower border of the daily cloud + monthly short-term trend + weekly Fibo Kijun). It should be noted that rebounding from the encountered resistances, updating the low, and breaking through the upper border of the weekly cloud (1.1833) will return the bearish mood and allow us to further decline. If so, the bears will be guided by the fulfillment of the target for the breakdown of the daily Ichimoku cloud (1.1684-19), reinforced by the monthly Fibo Kijun (1.1695).

In turn, the breakdown and consolidation above the range of 1.1950-75 are unlikely to guarantee a trouble-free growth for the bulls, since there are quite a lot of resistances 1.20 (daily cross levels) – 1.2027 (weekly medium-term trend) – 1.2057 (weekly short-term trend + daily medium-term trend) - 1.2103 (weekly Fibo Kijun + daily levels).

The pair in the smaller time frames went beyond the borders of the weekly long-term trend. As a result, the key levels 1.1936-11 (weekly long-term trend + central pivot level) are now helping and supporting the emerging opportunities of the bulls. If the euro stays above the levels and wait for the MA reversal, then there will be a new round of bullish mood. At the same time, the intraday resistances can develop 1.1960 - 1.1994 - 1.2018 (classic pivot levels). However, a consolidation below 1.1936-11 and an update of the low (1.1847) will restore the downward trend.

GBP/USD

The pair continues to be in the attraction zone of 1.3935-58 (levels of the daily cross + weekly Fibo Kijun + monthly and daily Senkou Span B). Its breakdown will allow us to expect growth to the resistance in the area of 1.4017 (weekly short-term trend + the upper border of the daily cloud) and further to 1.4072 (final border of the daily golden cross). On the contrary, a consolidation below 1.3935-58 and a breakdown from the levels will allow us to retest the support of the weekly medium-term trend (1.3837), which will possibly give strength to update the minimum extremum (1.3786).

The bulls have consolidated above the key levels of the smaller intervals, which are currently set at 1.3961 (central pivot level) and 1.3910 (weekly long-term trend). We can note the resistances of 1.3998 (R1) - 1.4038 (R2) - 1.4075 (R3) among the upward pivot points today.

The breakdown of the support level of 1.3961-10 and consolidation below it will return the relevance to the classic pivot levels of 1.3884 (S2) and 1.3844 (S3) on the H1 chart, but the key importance will be the update of the minimum extreme at 1.3786.

***

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.