EURUSD Analysis: Eyes on 1.1600 as Bulls Bears Collide

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EURUSD for June 4, 2026.

Technical Analysis of EURUSD

EURUSD Daily Chart Insight

• Price is currently resting on a critical long-term dynamic support level defined by the slow-moving green average, with the market entering a consolidation phase as it tests this line. The Stochastic oscillator, hovering in the mid-lower range of around 32–35, has recovered from oversold territory but lacks meaningful upward momentum, pointing to broader market hesitation at this juncture.
• Key Levels: On the downside, immediate support at ~1.1600 — where the green moving average meets the cluster of recent daily lows — is the most critical level to watch, followed by ~1.1550–1.1560 where price consolidated before April’s rally, and deep structural support at ~1.1440, which would mark a full retracement of that move. To the upside, the descending black moving average and early June swing high create immediate resistance at ~1.1670–1.1680, with the early May lower high at ~1.1770–1.1800 acting as the first major hurdle whose break would signal a trend reversal, and the mid-April rally peak at ~1.1860–1.1890 serving as the final ceiling on the chart.

EURUSD 2-Hour Chart Analysis

• The bears remain in control on the H2 time-frame. The immediate focus is on how price reacts to the overhead moving averages (1.1615 – 1.1630) during this current bounce. Rejection at these levels favors a return to the recent lows near 1.1590.
• Breakout Scenarios: The high-probability scenario sees the current bounce as a dead cat bounce, with price reaching the ~1.1615–1.1630 zone, forming bearish reversal patterns, and the Stochastic rolling over before breaking back below support at ~1.1590 — prompting technical traders to seek short setups. Alternatively, a strong high-volume candle closing above the black moving average at ~1.1630, confirmed by the purple fast MA crossing above it and the Stochastic holding overbought territory, would signal a broken downtrend and open the door for long setups targeting the major resistance zone at ~1.1645–1.1650.

EURUSD Pivot Indicator

• The pair on the M30 chart is experiencing a vigorous short squeeze or corrective rally. The immediate focus is entirely on how the price reacts as it tests the descending black moving average (~1.16140). A rejection here favors the bears, while a strong breakout opens the door for a deeper recovery.
• Bearish Rejection: The setup assumes the current bounce is simply a retracement, attracting new sellers at a better price. The trigger would be price reaching the black medium moving average at ~1.16140 and failing to close above it, forming bearish reversal candles such as a shooting star or doji rejecting that level. Confirmation would come from the Stochastic crossing downward out of overbought territory, combined with price breaking back below the purple fast moving average at ~1.16050. Technical traders would view this as a failure at resistance and look for short setups, targeting a retest of recent lows at ~1.15930.
• Bullish Breakout: The setup requires buying pressure strong enough to overpower the short-term downtrend structure. The trigger would be a strong, full-bodied 30-minute candle closing decisively above the black medium moving average at ~1.16140. Confirmation would follow from price sustaining above the black line and the purple fast moving average eventually crossing above it. A confirmed break above this level would suggest the corrective bounce has more room to run, with traders looking for long setups targeting the next resistance zones at ~1.16260 and potentially ~1.16300.

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Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.