Forex Daily Analysis - Wednesday, June 4th

Today's Market Outlook - By Windsor Brokers Ltd
Extended the correction from 1.5285 to reach 1.5814/18 on 22/27 May, ahead of decline to 1.5461 on 30 May. Recovery attempt from there was capped by 1.5626/28, followed by sharp decline yesterday. 1.5410 low was reached, retracing over 61.8% of the 1.5285/1.5418 ascend. Consolidation is underway, seeking for lower top by 1.5520/50, before bears resume and break below 1.5410 to expose 1.5396/66, possibly 1.5312/1.5285. Only regain of 1.5600/25 will improve the outlook. >>

US Dollar Spike is a Trap - DailyFX
The market threw a curveball yesterday. The EURUSD broke below 1.5461 but the larger bullish bias is still valid as long as price is above 1.5283. The decline from 1.5817 is relabeled as a W-X-Y (complex) correction. The minimum bullish objective is one pip above 1.5817. "Even if a larger more complex correction is unfolding from 1.6018 (such as a flat or a triangle), price is still expected to exceed 1.5817." >>

FX Thoughts for the Day - By Kshitij Consultancy Services
As suggested in the morning, the market appears to be ranged between 1.0320-0520 for the next few days. This range may be expanded to 1.0290-0520 to allow for some intra-day spikes and volatility. Below 1.0290 on the downside, the major Support to watch would be 1.0216, the low seen on 23-May. >>

Technical Analysis Daily: USD/JPY - By iFOREX.bg
The US Dollar recovered yesterday against the Japanese Yen after the sharp drop, and rose from 103.91 to 105.53, which are the first support and resistance levels respectively for the currency couple today. If the negative trend deepens, next support further down is expected at 103.00, the break of which would open potential drop towards 102.20. First resistance upwards is yesterday's top at 105.50, followed by 106.30, and 107.20. >>