logo

FX.co ★ Technical analysis and recommendations on EUR/USD and GBP/USD on June 11

Technical analysis and recommendations on EUR/USD and GBP/USD on June 11

EUR/USD

Technical analysis and recommendations on EUR/USD and GBP/USD on June 11

The current situation remains and is not in a rush to change. Traders exchange attempts, but no one has yet succeeded in achieving a reliable result. The pair remains in the attraction area of the daily short-term trend (1.2179). The pivot points retain their meaning and location. It is important for bullish traders to rise above 1.2243-66 (maximum extremum + historical level), while the nearest supports 1.2150 (historical level + daily Kijun) and 1.2103 (weekly Fibo Kijun) are important for bearish traders. The close of the current week is approaching, and the superiority of uncertainty is observed in the weekly time frame.

See also: Start Forex trading with a deposit starting from 1 USD.
Technical analysis and recommendations on EUR/USD and GBP/USD on June 11

The bulls currently have the initial advantage in the smaller time frames. Now, the intraday upward pivot points are the resistances of the classic pivot levels 1.2198 - 1.2222 - 1.2250. The key levels form support and combine their efforts in the 1.2170-74 area (central pivot level + weekly long-term trend). However, a consolidation below which will change the current balance of forces and create conditions to strengthen the bearish mood. If so, we can note the pivot points set at 1.2146 - 1.2118 - 1.2094 (classic Pivot levels) in the H1 chart.

GBP/USD

Technical analysis and recommendations on EUR/USD and GBP/USD on June 11

The daily sentiment changed dramatically again. Such frequent changes do not allow any of the participants to achieve a reliable result. Due to this, consolidation and uncertainty remain. The center of attraction is still the daily short-term trend (1.4160), while the current support levels are still at 1.4137 - 1.4090. In turn, the key resistance of this area can be noted at 1.4240-48 (historical level + maximum extreme). The week will be closed today, and the current condition only contributes to the consolidation on the weekly time frame.

Technical analysis and recommendations on EUR/USD and GBP/USD on June 11

The smaller time frames support uncertainty – key levels have long been located almost horizontally (in a narrow range), and players trad higher or lower with varying success. Today, the key levels are seen in the range of 1.4149-41 (central pivot level + weekly long-term trend). The pound is higher, which means the current advantage is on the bullish side. The pivot points for growth are 1.4209 - 1.4246 - 1.4314 (classic pivot levels). It should be noted that consolidation below the level of 1.4149-41 will change the current balance of forces and will make the supports of the classic pivot levels (1.4104 - 1.4036 - 1.3999) relevant again.

***

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.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account