EUR / USD
On Wednesday, July 3, trading ended for the EUR / USD pair with a decrease of several base points. The bulls of the last forces oppose the bears, who continue to put pressure on the tool.
Wave counting, which provides for the construction of the upward trend section, thus remains in force, but the currency market may continue to sell the euro, which will lead to adjustments to it. Until the break of the low of wave 2, the probability of continuing to raise the euro-dollar pair remains at a good level.
Unfortunately, the news background for the Eurocurrency is out of sight once again. Yesterday, the eurozone business activity index exceeded market expectations, but this did not help Eurocurrency. It also did not generate demand for it within the day. Thus, the currency of the European Union hardly kept from a new fall. A news background is needed to resume the growth of the euro.
Today, the American markets are close to the celebration of Independence Day and it’s not worthy to expect anything extraordinary from the couple. From the European Union today, I also do not expect any important news and reports. For a day or two, bulls might in relative equilibrium with bears.
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 is presumably located within the 3 waves of the upward trend. I recommend buying the euro with targets located near the estimated marks of 1.1417 and 1.1480, which equates to 100.0% and 127.2% Fibonacci, when the MACD signal is up. Now, the alleged correctional wave 2 continues its construction.
GBP / USD
The GBP / USD pair lost 20 basis points yesterday, and the UK could lose more than $100 billion from the hard Brexit. Despite the difficulty, you can find a positive moment for the pound sterling in the swamp.
Another thing is that the markets have ceased to respond to rumors related to Brexit and its possible consequences for the UK economy. Given that these rumors are mostly painted black, the pound could have already traded at 1.1–1.15.
Nevertheless, the bulls still keep the currency from new falls, but every day they manage it all with great difficulty. The current wave counting still implies the construction of an upward trend section, since the previous trend already looks complete. However, without news support, bulls may not find any reason to buy a pound.
And now they are really hard to find. We are hoping for the USA economic indicators which in the recent times have not always pleased the Forex market. Today is a half-day, but there will be non-farms and the unemployment rate in America tomorrow.
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 instrument for the pound / dollar currency pair involves 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 only after that, purchases will be made. By the MACD signal “up”, you can open small purchases with targets that are near the 1.2750 mark and a Stop Loss order under the minimum of wave e.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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