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EUR/USD and GBP/USD technical recommendations on June 3, 2022



Higher time framesYesterday, the euro bulls were busy regaining their ground. They managed to almost fully recover from the correction and returned under the key resistance found in the range of 1.0766-87. This is where the weekly level joins the lower boundary of the daily Ichimoku Cloud. A breakout and solid consolidation above this area will pave the way for the bulls towards the medium-term targets at 1.0922 and 1.0931. A failure to pass the resistance at 1.0766-87 may resume the downward correction of the pair with the targets located at the support levels of the Ichimoku Golden Cross on the daily chart (1.0707 – 1.0620 – 1.0568 – 1.0516). The price will also head for the previously tested weekly level of 1.0702 and the monthly level of 1.0539.


H4 – H1

The key levels on lower time frames were taken by the pair bulls. The price is currently holding above the level formed by the weekly long-term target of 1.0724 and the main daily pivot point of 1.0714. Trading above these levels supports the bullish trend, with the upward targets at 1.0783 – 1.0820 – 1.0889 (classic pivot points). Trading below the key range of 1.0714-24 will intensify the bearish bias. Today, their downward targets are located at 1.0677 – 1.0608 – 1.0571.




Higher time frames

Yesterday, the pair slowed down the pace of a correction. The buyers are trying to bring it to an end but for this, they need to retest and break through the strong resistance found at 1.2660 – 1.2678 (weekly short-term trend + lower line of the monthly Ichimoku Cloud). If bulls fail again, the downward correction may continue next week. The levels of the Ichimoku Golden Cross at 1.2562 – 1.2471 – 1.2410 – 1.2350 serve as support.


H4 – H1

On lower time frames, the price is testing the resistance of the weekly long-term trend at 1.2586. A breakout and a reversal of the moving average are able to change the current market balance. The main targets for the uptrend within the day are located at the resistance pivot points of 1.2617 – 1.2660 – 1.2734. The end of the upward movement and a rebound from the key resistance level of 1.2586 will reactivate the bearish trend. In this case, the next targets for sellers will be the levels of 1.2543 – 1.2500 – 1.2426 – 1.2383 (classic pivot point).


Technical analysis was based on:

Higher time frames – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

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

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