06.07.202213:08 Forex Analysis & Reviews: Technical analysis recommendations on EUR/USD and GBP/USD for July 6, 2022

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EUR/USD

Higher timeframes

Bears dominated the market yesterday and managed to mark a new bottom. Now the main task is to hold positions and maintain bearish sentiment. Further bearish targets include the psychological level of 1.0000 and the 2000 low at 0.8225. The passed supports 1.0339–49 can now resist the restoration of positions, and consolidation above 1.0339–49 may provoke the development of a new large-scale corrective rise.

H4 – H1

A downward trend is developing on lower timeframes. The reference points for the intraday decline are the supports of the classic pivot points, which are today located at 1.0184 – 1.0102 – 0.9970. The key levels of the lower timeframes form reference points for the case of the development of an upward corrective movement. They are currently at 1.0316 (central pivot point of the day) and 1.0407 (weekly long-term trend). In case of consolidation above, it will be better to re-evaluate the situation.

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GBP/USD

Higher timeframes

Bears broke the 1.2000 support level and updated the June low (1.1933). These levels, in case of recovery of bullish positions, may provide resistance. If the effectiveness and strength of the bearish sentiment retained, then at the next stage of the decline, it will be important to conquer the support area of 1.1500 (psychological level) – 1.1411 (local low of 2020).

H4 – H1

A downward trend has formed in the lower timeframes, and the main advantage is on the side of the bears. The reference points for the decline within the day are the supports of the classic pivot points (1.1860 – 1.1765 – 1.1633). The pair is currently in the correction zone and is testing the strength of the central pivot point of the day (1.1992), then the long-term weekly trend (1.2083) will have the main value for bulls. Consolidation above and reversal of the moving average will change the current balance of power.

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In the technical analysis of the situation, the following are used:

higher timeframes – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)

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