FX.co ★ Technical analysis recommendations for EUR/USD and GBP/USD on June 11

EUR / USD

After a slight corrective decline, the pair continued to rise and worked out the goal of breaking the daily Ichimoku cloud at the first target (1.1412). Breaking through the encountered resistance level of 1.1360 - 1.1412 (monthly medium-term trend + first target of the daily target) will allow us to consider increasing to the following upward landmarks located in the region of 1.1499 - 1.1530 (100% goal fulfillment + monthly Fibo Kijun). The development of a downward correction will return relevance to the support 1.1261-25 (daily Tenkan + weekly cloud).

The pair is in the correction zone, which is supported by almost all the analyzed technical instruments on H1 at the moment. The current support is the weekly long-term trend (1.1319). A consolidation below will change the existing balance of forces and will give preference to bears in the lower halves, who, forming a downward trend on H1, will be able to implement a full-fledged correction on the daily time frame. Other intraday supports today are 1.1272 (S2) - 1.1223 (S3). The resistances of the classic Pivot levels are located at the time of analysis at 1.1372 (central Pivot level) - 1.1423 (R1) - 1.1472 (R2) - 1.1523 (R3).

GBP / USD

Despite yesterday's continuation of the upward movement, the pair could not reach the next resistance located in the region of 1.2870-78 (the upper boundary of the weekly cloud + the final boundary of the monthly dead cross). At the moment, we are witnessing the development of a downward correction. The nearest support in this situation may be the levels passed the day before at 1.2653 (weekly Fibo Kijun) - 1.2595 (monthly Kijun) and the daily short-term trend (1.2569).

At the moment, the issue regarding the role of the weekly long-term trend (1.2686) is being resolved. If the level remains on the side of the players to increase, then they will try to complete the correctional decline (important landmarks 1.2754 - 1.2812) and begin to continue the upward trend again. If the bears can now consolidate below and deploy a move, then they will have the advantage of lower halves. As a result, we will see the development of a daily downward correction. The intraday supports today are the classic Pivot levels S2 (1.2648) and S3 (1.2590).

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)