EUR / USD
Monday, June 24, ended with an increase of 30 basis points for the EUR / USD pair. Thus, the conclusion suggests the continuation of the construction of the proposed wave 3 with targets that are near the levels of 127.2% and 161.8% in Fibonacci and higher. An unsuccessful attempt to break through one of these marks could lead to the departure of quotes from the reached maximums and the construction of an internal correctional wave as part of wave 3. The news background did not support the Eurocurrency on Monday, since there were no news or reports that day. However, the markets did not bother and the euro continued to rise. Today, there will also be a little news. Perhaps, you can pay attention to the indicator of consumer confidence in America and the performance of Jerome Powell in the evening. However, both of these events can trigger a reaction of the market, since the decline in consumer confidence in the United States could become another weak report in a series of similar reports, and the Fed chief is unlikely to please the markets with a "hawkish" mood. Thus, I would say that the dollar has every chance to continue its decline today.
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 did not gain a single base point on Monday. Thus, the attempt to break through the maximum of the supposed wave d ended in failure, and the pound-dollar pair retains the probability of resuming the construction of the downward trend with more complication in the e wave. The news background was neutral for the instrument yesterday, but still had a negative color for the pound. The fact is that Boris Johnson got into an unpleasant family history, which would hardly have attracted such attention if he had not been given a choice for the post of prime minister of Great Britain. Now, there was talk about whether Johnson would cope with stress, since his ratings dropped slightly among both party members and the public. Although he still remains the leader of the race, but still an unpleasant story. The pound sterling did not react to it, even though the Johnson scandal is another pebble in the pound's prospects for continued growth. Today, the news background can be neutral again, but already with a slight negative color for the dollar, since Jerome Powell will speak at the economic forum in the evening and his speech may have a negative impact on the dollar.
Sales targets:
1.2434 - 161.8% Fibonacci
1.2359 - 200.0% Fibonacci
Purchase 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, we can buy the instrument.
