FX.co ★ EUR/USD and GBP/USD: Technical analysis for June 27

EUR/USD

Higher timeframes

There was not much activity observed on the first day of the week. Today, bullish players are again attempting to break into the bullish zone relative to the daily Ichimoku cloud (1.0906). A consolidation outside the cloud will form an upward target for breaking through the cloud. The nearest bullish targets for the current period are the highs at 1.1012, 1.1096. The current supports are now converging in the range of 1.0901 - 1.0908 (daily levels + monthly medium-term trend), and further defense of bullish interests may occur around 1.0862–68 (weekly and daily levels).

H4 - H1

On the lower timeframes, there is a struggle for key levels, which are currently located within the range of 1.0905 - 1.0930 (central pivot point of the day + weekly long-term trend). A reliable consolidation above will allow for a reconsideration of the current balance of power. Additionally, the situation will change on the daily timeframe as the price action occurs above the daily cloud. Additional reference points for intraday movement are the resistances (1.0955) and supports (1.0889 - 1.0872 - 1.0856) of the classic pivot points.

***

GBP/USD

Higher timeframes

Yesterday's slowdown was halted, and now the pair is performing a sort of retest of the levels left behind at 1.2738 (daily short-term trend) - 1.2760 (monthly level). In the event of a resumption of the decline, the first supports to come into play will be at 1.2641 (daily Fibo Kijun) and 1.2577 (daily medium-term + weekly short-term trends). For bullish players in this area, it is important to reclaim the monthly level of 1.2760, update the high of the current daily correction (1.2847), and continue the ascent towards the monthly cloud (1.2893).

H4 - H1

The key level of the lower timeframes—the weekly long-term trend (1.2736)—is currently being tested. This level is reinforced by resistances from higher timeframes, so its significance greatly increases. The next bullish targets within the day are the resistances of the classic pivot points (1.2775 - 1.2803). If this fails, a new phase of decline on the lower timeframes will pass through the supports of the classic pivot points (1.2681 - 1.2653 - 1.2620).

***

The technical analysis of the situation uses:

Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

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