Wave analysis of EUR / USD and GBP / USD for May 31. The idea of the Labor Party about the referendum is not supported by

EUR / USD

On May 30, Thursday, trading ended with a loss of just a few basis points for the EUR / USD currency pair. Thus, the wave marking has not changed over the previous day. In general, it is also worth noting that the market activity for the euro / dollar pair is now low. Bearish sentiment prevails among traders, which are based on the unfavorable news background for the euro. By and large, the background concerns the trade wars of America with China and, possibly, the future of the EU, as well as the problems of the European Union with Great Britain and Italy. Positive information from Europe has not been received by the traders. Recent reports from the United States also leave much to be desired, but the foreign exchange market preferred to “close” its eyes to this news. As a result, we have the third tool reduction in the 1.1115 area. So far, it cannot be said that the attempt to break through this area was unsuccessful, but at the same time, the further construction of the downward wave, presumably 3, 3, 3, depends precisely on the breakthrough of this area. The third unsuccessful attempt to breakthrough is likely to change the current wave counting.

Sales targets:

1.1097 – 161.8% Fibonacci

1.1045 – 200.0% Fibonacci

Purchase goals:

1.1324 – 0.0% Fibonacci

General conclusions and trading recommendations:

The euro / dollar pair remains at the stage of building a downward trend. The MACD indicator gave a signal to the top, so I recommend resuming sales of the euro with targets of 1.1097 and 1.1045, which corresponds to 161.8% and 200.0% Fibonacci, after rolling back up. I recommend placing a restrictive order above the Fibonacci level of 76.4%.

GBP / USD

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On May 30, the GBP / USD pair lost another 20 basis points. Donald Trump introduces trade sanctions against Mexico since June 10, as he considers the issue of control over Mexican immigrants to America which is a problem of the Mexican authorities. In UK, various high-ranking officials give interviews about the prospects for Brexit with the new prime minister. Opinions differ in the same way as on parliamentary ballots. Some politicians believe that the best option is a new referendum. Someone is re-elected to parliament. Someone is still confident that Theresa May’s deal is the best solution. Fact one: There is no unity in the government of Great Britain either. One conclusion: the pound will continue to be sold to traders, banks and large funds, since no one is interested in the currency of a country whose government cannot solve an extremely important issue.

Sales targets:

1.2554 – 200.0% Fibonacci

1.2360 – 261.8% Fibonacci

Purchase goals:

1.3175 – 0.0% Fibonacci

General conclusions and trading recommendations:

The wave pattern of the pound / dollar instrument implies a continuation of the instrument decline within the framework of the supposed wave c. Thus, now I still recommend selling the pound with targets located near the calculated levels of 1.2554 and 1.2360, which corresponds to 200.0% and 261.8% Fibonacci and with a restrictive order over the maximum of wave 2 . An unsuccessful attempt to break through the 200.0% mark will warn about the pair’s readiness to roll back.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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