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06.06.202311:29 Forex Analysis & Reviews: Technical analysis of EUR/USD and GBP/USD on June 6

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EUR/USD

Big time frames

The situation over the past 24 hours has not changed significantly. The pair remains in the zone of influence of important levels of 1.0708-1.0717 (daily short-term trend + final level of the weekly Ichimoku cross). All other important points are located at yesterday's levels. For bears, the support zone of importance is 1.0579-1.0557-1.0515-1.0497 (monthly Fibonacci Kijun + weekly Senkou Span B + downward target for the breakout of the daily cloud). For bulls, the nearest resistance can be noted at 1.0789-1.0806 (weekly medium-term trend + daily Senkou Span B).

H4 - H1

On the smaller time frames, there is currently uncertainty caused by a struggle for key levels in the range of 1.0715-1.0704 (central Pivot level + weekly long-term trend). Depending on the market situation within the day, either support (1.0684-1.0656-1.0636) or resistance levels (1.0732-1.0752-1.0780) of the classical Pivot levels could be touched.

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GBP/USD

Big time frames

Currently, the pair is hovering within the zone of the daily short-term trend (1.2425) and the upper limit of the daily cloud (1.2437). The nearest important points for bulls are resistance levels at 1.2492-1.2536 (weekly short-term trend + final levels of the daily dead cross of Ichimoku), which were unsuccessfully tested last week. The nearest important points for bears are located around 1.2344-1.2302 (weekly Fibonacci Kijun + monthly medium-term trend).

H4 - H1

The pair has once again dropped below the weekly long-term trend, which is currently at 1.2442. We can expect an increase in bearish sentiment. If the decline continues, the classical Pivot support levels at 1.2382-1.2331-1.2296 could be hit today. However, if bulls regain their positions and the level of 1.2442, attention will be shifted towards the resistance levels of the classical Pivot points (1.2468-1.2503-1.2554).

Tools used for technical analysis:

Big time frames - Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levels;

Small time frames - H1 - Pivot Points (classical) + Moving Average 120 (weekly long-term trend).

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