FX.co ★ Technical analysis recommendations on EUR/USD and GBP/USD for June 2, 2022

EUR/USD

Higher timeframes

The main tasks have not changed. For bulls, everything rests on the weekly resistance (1.0787). Slowdown and a pause at the weekly resistance (1.0787) led to the development of a corrective decline to the supports of the Ichimoku golden cross (1.0620–74). The next support for the daily cross is now at 1.0516–68 and reinforced by the monthly level at 1.0539.

H4 - H1

In the lower timeframes, bulls lost their advantages and lost to their opponent. A change of sentiment is possible again after consolidating above the weekly long-term trend, which is now at the turn of 1.0723. The reference points for the continuation of the decline within the day today are the support of the classic pivot points (1.0604 – 1.0560 – 1.0492).

***

GBP/USD

Higher timeframes

Having failed to overcome the encountered resistances 1.2660 – 1.2678 (weekly short-term trend + the lower boundary of the monthly cloud), the pair continued to develop a decline to the support of the daily Ichimoku cross (1.2551 – 1.2471 – 1.2410 – 1.2350). Consolidation below the cross will initiate the formation of a rebound from the resistance encountered.

H4 - H1

The advantage on the lower timeframes has shifted to the side of the bears. The weekly long-term trend, which is now located at 1.2594, is called upon to maintain this balance of power. The reference points for the decline in the current situation within the day are the support of the classic pivot points (1.2421 – 1.2360 – 1.2263).

***

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)