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Technical analysis recommendations for EUR/USD and GBP/USD on June 2


Exchange Rates 02.06.2020 analysis

Players on the rise are in the trend. They were able to optimistically close the month of May and now can use the received potential for new achievements. Important resistance levels 1.1067 - 1.1103 have been broken through (the upper border of the daily cross + the lower border of the weekly cloud and the weekly Kijun + monthly Tenkan), which, in the case of a retest, can work as supports. With the loss of these boundaries, the following important support levels are concentrated at 1.1006-12 (daily Tenkan + Fibo Kijun) and 1.0965-43 (daily Kijun + weekly Tenkan and Fibo Kijun). Maintaining existing positions will open up opportunities for players to increase, which will rest against a wide resistance zone of 1.1167 (weekly Fibo Kijun) - 1.1190 (monthly Fibo Kijun) - 1.1224 (weekly Senkou Span B).

Exchange Rates 02.06.2020 analysis

In the lower halves, the pair is in the downward correction zone. The players to decline managed to achieve some results on H1. They captured the support of most of the analyzed technical indicators and sought to consolidate under the central Pivot level (1.1129). If it is successful, we can expect the development of a correctional decline, the main guideline of which will be the weekly long-term trend (1.1056). The nearest support today is located at 1.1105 (S1) and 1.1075 (S2). If players to increase keep the central Pivot level (1.1129), then we can hope for the restoration of the upward trend (1.1154) and the continuation of the rise. The pivot points within the day in this case will be 1.1183 (R2) - 1.1213 (R3).


Exchange Rates 02.06.2020 analysis

The players to increase, inspired by their closing results of the previous week and month, managed to realize a good rise on Monday. As a result, the accumulation of resistance that they fought for so long has turned into an accumulation of supports capable of competing for their interests at the lines of 1.2360 - 1.2214. The center of attraction is now at 1.2425-59 (daily Kijun + weekly Kijun + monthly Tenkan). In this current situation, the resistance forms a fairly wide zone of weekly and monthly levels of 1.2550 - 1.2596 - 1.2670 - 1.2710.

Exchange Rates 02.06.2020 analysis

In the lower halves, the benefits belong to the players to increase. There was a slowdown at the first resistance of the classic Pivot levels 1.2553 (R1) in the last hour. Today, further reference points for continuing the rise are located at 1.2619 and 1.2733. In the case of a downward correction, the key support of the lower halves in this situation is located at 1.2439 (central pivot level) and 1.2346 (weekly long-term trend).

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

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by David Bale,
Analytical expert
InstaForex Group © 2007-2020
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