Technical analysis recommendations for EUR/USD and GBP/USD on June 4
EUR / USD
Players on the rise continued to rise yesterday after testing the strong and significant resistance of the upper border of the weekly cloud (1.1225). The meeting may lead to a slow down. It takes time to form the result of the interaction, as the level of the weekly format. The attraction can now be provided by the near lying levels of 1.1167 (weekly Fibo Kijun) - 1.1190 (monthly Fibo Kijun) - 1.1224 (weekly Senkou span B). The most important supports are currently located in the area of 1.1067 - 1.1103 (the upper border of the daily cross + the lower border of the weekly cloud and the weekly Kijun + monthly Tenkan).
In the lower halves, we are currently witnessing the development of a downward correction, among its first results, consolidation below the central Pivot level of the day (1.1219) and support for bearish sentiment by most indicators can be noted. The next significant guideline for the correction is the support of the weekly long-term trend (1.1142). A reliable consolidation below will lead to a change in the current balance of forces in the lower halves and will allow us to consider the formation of rebound from the resistance encountered in upper time intervals. The correction can now be completed by returning to the side of the bulls the support of the central Pivot level (1.1219) and leaving the correction zone (1.1258). On the other hand, further reference points within the day will be the resistance of the classic pivot levels - 1.1271 - 1.1310 - 1.1362.
GBP / USD
As a result, the pair faced a fairly dense, wide and significant resistance zone, combining weekly levels (Senkou Span A + Senkou Span B + Fibo Kijun 1.2710) and a monthly medium-term trend (1.2595), overcoming this zone will require strength, so players to increase can take a break in the near future, or even allow the opponent to implement a correctional decline. Now, support can be distinguished at the following borders of 1.2459 (weekly Kijun + monthly Tenkan) and 1.2360 - 1.2305 (daily cross + daily cloud + monthly Fibo Kijun).
In the lower halves, a downward corrective movement is already developing. The current key pivot point of this correction for H1 is support for the weekly long-term trend (1.2472). With a reliable consolidation below, there will be grounds for changes in the balance of forces on H1, and a full rebound from the encountered resistance will form in the higher halves. The completion of the current correction and the restoration of positions by players to increase to continue the rise are possible after returning to the side of the bulls the central pivot level (1.2676) and updating the maximum (1.2614).
Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)
