24.06.201910:00 Forex Analysis & Reviews: Wave analysis of EUR / USD and GBP / USD for June 24. Boris Johnson is eager to win the election

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EUR / USD

Friday, June 21, ended with an increase of 80 basis points for the EUR / USD pair. Thus, the markets received confirmation of the construction of the upward trend section, having made a successful attempt to break through the maximum of the expected wave 1. Given this reason, the instrument can continue to increase within wave 3 with targets located near the 100.0% - 161.8% Fibonacci levels by the size of wave 1. The news background has turned from neutral to positive for the euro in recent times. On Friday, 2 of 3 indices of business activity in the euro area were above market expectations, and 3 of 3 indices in the US were below Forex expectations. Today, there will be very little news, respectively, the market will not focus on fundamental factors. Tomorrow, Fed Chairman Jerome Powell will make a speech and he may upset the currency markets again, as his recent statements concerned the possible easing of monetary policy and fears about America's trade wars with partners.

Purchase goals:

1.1417 - 100.0% Fibonacci

1.1480 - 127.2% Fibonacci

Sales targets:

1.1180 - 0.0% Fibonacci

General conclusions and trading recommendations:

The euro / dollar pair completed the second wave of the upward trend. I recommend buying Eurocurrencies with targets located near the estimated marks of 1.1417 and 1.1480, which equates to 100.0% and 127.2% of Fibonacci. The MACD signal down can mean the construction of an internal correctional wave in the composition of the upward wave 3.

GBP/USD

The pair GBP / USD scored about 50 bp on Friday, and came out, therefore, to the highs of June 7 and 12. A successful attempt to break through these marks will indicate the readiness of the foreign exchange market to further increase and build an upward trend. The news background, in my opinion, remains neutral for the pound-dollar pair, since negative reports and data come predominantly from both the US and the UK. In America, these are weak economic reports and the dovish attitude of the Fed. In the UK, this is the same Brexit, for which there is no progress. Boris Johnson remains the main candidate for the post of prime minister of the country. If earlier this conclusion was made on the basis of his victory in the first election rounds among members of the Conservative Party in parliament. Now, the same conclusion is made on the basis of preliminary polls among local councils.

Sales targets:

1.2434 - 161.8% Fibonacci

1.2359 - 200.0% Fibonacci

Shopping goals:

1.2767 - 0.0% Fibonacci

General conclusions and trading recommendations:

The wave pattern of the pound / dollar instrument has changed and is now suggesting the construction of a new upward trend. At the same time, I recommend waiting for a successful attempt to break through the maximum of wave d, which confirms the willingness of markets to further increase, and build a correctional wave against the first impulse wave and only then buy the instrument.

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