Technical analysis recommendations for EUR/USD and GBP/USD on June 12


Exchange Rates 12.06.2020 analysis

The pair started a corrective decline yesterday having indicated a slowdown with the monthly medium-term trend (1.1360) and when working out the daily target for the breakdown of the cloud on the first target (1.1412). The first pivot point of the downward correction is the daily short-term trend (1.1269), which is now already in the field of view of players to decline. Further, the bears will face a fairly wide area of support.Since the day before, the players on the increase managed to break through quite strong resistance, and now, they can count on the help of the levels turned into support (1.1225 – 1.1190 – 1.1167). Today, we close the week. For downside players, the final nature of the weekly candle is very important. They need a pronounced bearish potential. Otherwise, the accumulation of support has a good chance to preserve and defend the nascent bullish prospects.

Exchange Rates 12.06.2020 analysis

In the lower halves, the current upswing led to technical indicators taking this as the end of the emerging downward correction of the higher halves. In my opinion, they were in a hurry. On H1, the main advantage has already shifted to the side of players on the downside, and the current rise can only be a retest of the passed key levels, which have united their efforts at 1.1330-24 today (the Central Pivot level + the weekly long-term trend). It is possible to consider the recovery of bullish positions only after a reliable consolidation above 1.1330-24. The support for key Pivot levels is currently located at 1.1257 – 1.1215 – 1.1142. The resistances are at 1.1372 – 1.1445 – 1.1487.


Exchange Rates 12.06.2020 analysis

The pair performed a fairly effective decline yesterday, having tested the first correction target – the daily Tenkan. In this situation, the development zone will be affected by the zone of attraction of levels 1.2735 (weekly Senkou Span B) – 1.2653 (weekly Fibo Kijun + daily Tenkan) – 1.2595 (monthly Kijun). A consolidation above or below the zone will determine the superiority of forces and some preferences for the near future. However, if the players consolidate below 1.2595, they will see the next no less strong and significant support zone 1.2462 – 1.2317 (monthly Tenkan + weekly cross + daily cloud + final boundaries of the daily golden cross).

Exchange Rates 12.06.2020 analysis

The key resistance of the lower halves are located today in the area of 1.2646 (central Pivot level) and 1.2690 (weekly long-term trend). A reliable consolidation above will allow you to count on the further recovery of the bullish positions, while the chances of completing the daily downward correction will increase. The reference point will be the maximum extreme (1.2812) allowing you to return to an upward trend. But while the pair is working below key H1 levels (1.2646-90), lower time frames give preference to players for lowering, while retaining opportunities to strengthen bearish sentiment. The support for the classic Pivot levels are located at 1.2538 – 1.2479 – 1.2371 today.

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

Source: Technical analysis recommendations for EUR/USD and GBP/USD on June 12

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