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EUR / USD pair
On Friday, June 14, the EUR/USD pair ended with 65 bp decline. Markets took a very positive view of economic reports on the US retail sales and industrial production in May, which led to purchases of US currency. However, things are not so rosy from the point of view of wave analysis. Given the momentum gained, the question is that the pair can easily break through the minimum of May 23 and this will mean a complication of the entire downward trend, which is currently considered complete and fully equipped. It is already clear that the expected wave 2 is too big, as for a correctional wave after building wave 1. However, the news background was on the dollar side on Friday, which can now push the pair down and forces investors to continue in getting rid of the European currency today.
Purchase targets:
1.1367 - 76.4% Fibonacci
1.1447 - 100.0% Fibonacci
Sales targets:
1.1106 - 0.0% Fibonacci
General conclusions and trading recommendations:
The euro/dollar pair presumably completed the first wave of the uptrend trend. I recommend waiting for the completion of wave 2 construction and starting to purchase euro currency with targets located near the estimated marks of 1.1367 and 1.1447, which equates to 76.4% and 100.0% Fibonacci. As a signal of the completion of the construction of wave 2, you can consider turning the MACD upward.
GBP / USD pair
The GBP/USD pair waited for positive news from America for more than two weeks and waited. At this happy moment for the markets, the bears became more active and the pound/dollar tool fell down. It returned to the minimum of the supposed wave of c in just two days. Thus, a successful attempt to break through this minimum will indicate the readiness of the markets to continue selling the pound and buying the dollar. In addition to the positive news background for the US dollar on Friday, there is another permanent and positive background for this currency called "the problems of Great Britain". Various factors such as continuous negative for the sterling pound Brexit, the lack of unity of political forces, the election of a new prime minister continues to give negativity for the sterling pound. In order for investors to start counting on the growth of the pound. In turn, it is necessary that this background dissipates in considering buying this currency.
Purchase targets:
1.2554 - 200.0% Fibonacci
1.2360 - 261.8% Fibonacci
Shopping goals:
1.3175 - 0.0% Fibonacci
General conclusions and trading recommendations:
The wave pattern of the pound/dollar instrument does not change and implies a resumption of the instrument decline within the framework of the proposed waveform or a new fifth wave. Thus, now I recommend waiting for a breakout level of 200.0% and selling the pound with targets located near the calculated levels of 1.2360 and 1.2176, which corresponds to 261.8% and 323.6% in Fibonacci.
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