FX.co ★ Technical analysis and recommendations on EUR/USD and GBP/USD on June 8

EUR/USD

There have been no significant changes for the last 24 hours. At the end of the day, the bulls had a slight advantage. The center of attraction continues to be the daily short-term trend (1.2179) and the historical level (1.2150). The upward targets are set at 1.2243 (historical level) and further at 1.2345 - 1.2416 (target for the breakdown of the daily Ichimoku cloud). Meanwhile, the support levels continue to retain their location, forming a fairly wide zone (1.2126 - 1.21 - 1.2068 - 1.2027).

The bulls in the smaller time frames are struggling to get hold of the key levels, which united at the level of 1.2180 (central pivot level + weekly long-term trend) today. A consolidation above the levels, as well as the reversal of the moving average, will create opportunities to strengthen bullish sentiments and advantages. We can consider the resistance of the classic pivot levels at 1.2212 - 1.2236 - 1.2269 as the intraday upward pivot points.

The breakdown of key levels (1.2180) and a movement below may lead to a new bearish activity, whose main task at this stage is to restore the downward trend (1.2104). The support for the classic pivot levels can be noted at 1.2155 - 1.2122 - 1.2098 today.

GBP/USD

Uncertainty persists and the pair continues to consolidate. The daily short-term trend (1.4165) remains the center of attraction. The role of support and the lower limit of the consolidation zone is retained by the daily worked target for the breakdown of the Ichimoku cloud (1.4090 - 1.4137). The upward pivot is still located at 1.4240 (maximum extreme of the past). To change the situation, it is necessary to exit the consolidation zone and sharply consolidate below or above.

The lower time frames are aligned with the priorities of the higher ones. Uncertainty and lack of directional movement dominate. The pair continues to move around the key levels, which combine their efforts in the area of 1.4150-59 (central pivot level + weekly long-term trend). A movement above the levels gives preference and initial advantage to the bulls, while trading below the levels will change the balance of power and will help to strengthen the bears. Today, the supports for classic pivot levels are seen at 1.4128 - 1.4079 - 1.4048, while in turn, the resistances are at 1.4208 - 1.4239 - 1.4288.

***

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.