Technical analysis recommendations for EUR/USD and GBP/USD on July 1
EUR / USD
The maximum optimism for the players to decline at the close of June was not reached. And although the rebound from the medium-term trend tested last month (1.1360) retained its initial potential, since the upper shadow of the monthly candle is quite long, the downward players failed to solve the problem with the accumulation of levels of attraction and supports. With the opening of the new calendar month, there have been changes in the location of the monthly levels of Ichimoku. Today, the concentration of significant levels can be identified at the following lines: 1.1225-60 (daily Tenkan + upper border of the weekly cloud + monthly Kijun). This zone continues to exert current attraction and inhibits the development of the situation. For players to rise, the line of 1.1225-60 is very important, because as they consolidate above, they will be able to secure a day weekly long-term and monthly medium-term support, all of which together preserves the chances of leaving the zone of downward correction in the daily and weekly half-time. It should be noted that the monthly Fibo Kijun in July is located at 1.1389. As a result, the exit from the correction zones coincides with the liquidation of the monthly dead cross. Breaking through 1.1225-60 and 1.1389-1.1422 are the nearest prospects and primary tasks for players to increase for the month of July. For players to decline, the strengthening and development of potential in July is associated with breaking through 1.1167-78 (daily Kijun + weekly Fibo Kijun) and 1.1065-1.1100 (lower boundary of the weekly cloud + weekly cross + monthly levels). In the event of a reliable consolidation below, the rebound outlined in June may receive confirmation and opportunities for implementation.
At the moment, support for the analyzed technical instruments on H1 remains on the players to decline. The downward trends within the day are the support of the classic Pivot levels 1.1195 - 1.1158 - 1.1124. Changes in the current balance of power are located as close as possible to 1.1229-38 (central Pivot level + weekly long-term trend) and are being actively tested. A consolidation above will open up new opportunities and prospects for players to increase. Inside the day, they can be the resistance of the classic Pivot levels 1.1266 - 1.1300 - 1.1337.
GBP / USD
Yesterday showed how much one day can mean when evaluating work per month. Players to increase did not allow the opponent to achieve a convincing advantage. As a result, the June candle, although it has a bearish background and character, still stood on a par with the previous candles and, to a large extent, thanks to the efforts of the bulls yesterday, acquired their uncertainty. It can be concluded that in July the confrontation will continue and there is no clear leader yet. The following lines of 1.2440-60 (weekly Tenkan + monthly cross) - 1.2500-38-80 (weekly Fibo Kijun + final lines of the daily dead cross) - 1.2711-35 (line will be important for players to increase in July) allowing you to eliminate the monthly dead cross and enter the weekly cloud). The nearest bearish reference points for the lower players are located at 1.2312 - 1.2288 (weekly Kijun + daily cloud) - 1.2214 (monthly Fibo Kijun) - 1.2099 (weekly Fibo Kijun).
At lower time intervals, the players to increase may gain the technical advantage of 1.2351-75 (central Pivot level + weekly long-term trend) soon. The reversal of the moving will further strengthen the bullish sentiment. The resistance within the day can be noted at 1.2445 - 1.2493 - 1.2587. The loss of key levels (1.2351-75) will return relevance to the support, which is located at 1.2303 (S1) - 1.2209 (S2) - 1.2161 (S3) today.
Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)
The material has been provided by InstaForex Company - www.instaforex.com