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Trading Plan for EUR/USD and GBP/USD for June 06, 2017

analytics5936a23bcccc3.jpg

Technical outlook:

The EUR/USD story continues into consolidation mode but possibility of a bearish breakout is unfolding now as seen on one-hour chart above. A short-term support trend line has been broken which should act as resistance towards 1.1270 levels. Till the time prices remain below 1.1285 levels, we should be looking to see lower levels at least towards 1.1150 as depicted here. On the flip side, a bullish breakout would only delay matters for a meaningful retracement lower. Please note that the corrective rally that began in January 2017 could be into its last leg and broader down trend should resume soon. There is a distant possibility for a push through 1.1500/1.1600 levels though before bears could return. Immediate short-term outlook remains lower in a corrective way with resistance at 1.1285 and interim support at 1.1200 levels respectively.

Trading plan:

Aggressive traders would want to remain short now with stop above 1.1300 levels, targeting 1.1000.

GBP/USD chart setups:

analytics5936a4e5ee939.jpg

Technical outlook:

The GBP/USD pair had made intraday highs at 1.2950 levels before reversing sharply lower. The pair is actually trading comfortably below 1.2880 levels since prices have moved quite swiftly after charts were prepared. Please note that the pair has just tested the bearish/resistance trend line before reversing today. Besides, the range has been within fibonacci 0.618 resistance, completing A-B-C pullback terminating into wave (2) as labelled above. If the above wave count holds true, then GBP/USD should now ideally remain below 1.2950 levels going forward and accelerate lower. A drop below 1.2850 levels would take immediate support out and confirm that bears are in good control. Major resistance is seen at 1.3047 levels, while support is at 1.2850 levels respectively.

Trading plan:

Remain short for now, stop above 1.3050, targets are 1.2600 and 1.2300

Fundamental outlook:

No major fundamental news is set to be out for the day except for Australia's GDP figures later around 09:00 PM EST.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com