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EUR/USD – 4H.
As seen on the 4-hour chart, the EUR/USD pair resumed the growth process, despite the formation of a bearish divergence in the CCI indicator, which quickly canceled and closed above the correction level of 76.4% (1.1367). Thus, on June 24, the growth process can be continued in the direction of the next correction level of 100.0% (1.1448). On Friday, a major role in the resumption of growth of the pair was played by reports on business activity in the US and the European Union. It turned out that American business activity in all sectors tends to slow down, while European indices (except for the manufacturing sector) showed an improvement compared to previous periods. We cannot say that business activity in the European Union is at an excellent level, but Friday showed positive dynamics of these indicators in the EU and negative – in the US. As a result, traders have a good opportunity to continue buying the European currency, which a few weeks ago could not even dream of such strong growth. No news from Europe or America is expected today. Traders can even take a short break, but the opening of the European session shows that traders are still set up in a fighting way of buying the euro and selling the dollar.
The Fibo grid is built on extremums from March 20, 2019, and May 23, 2019.
Forecast for EUR/USD and trading recommendations:
The EUR/USD pair performed a consolidation above the correction level of 76.4%. Thus, I recommend buying the euro today with a target of 1.1448, a protective order under the Fibo level of 76.4%. I recommend selling the EUR/USD pair after closing the quotes below the level of 76.4% for the purpose of a correction level of 1.1318 and a stop-loss order above 1.1367.
GBP/USD – 4H.
The GBP/USD pair returned to the Fibo level of 76.4% (1.2661) after the formation of a bearish divergence at the MACD indicator. But the rebound of the pair from this level worked in favor of the English currency and the resumption of growth in the direction of the correction level of 61.8% (1.2798). From the latest news concerning politics in the UK and Brexit, I would like to note the release of Boris Johnson and Jeremy Hunt in the final round of elections for the post of head of the Conservative Party, as well as the official statement of the European Council that there will be no revision of the Brexit agreement. If the first news is interesting, but it is unlikely to affect the markets, the second means that the future Prime Minister of Britain will not have much room for maneuver. After all, it's not enough to become a Prime Minister, Brexit needs to be brought to the end and preferably not the way any person could do it, that is, without an agreement. The situation around Brexit is not yet clear, and the pound draws inspiration for growth exclusively from the weak news from America.
The Fibo grid is built on the extremes of January 3, 2019, and March 13, 2019.
GBP/USD – 1H.
As seen on the hourly chart, the pound/dollar pair resumed growth in the direction of the correction level of 100.0% (1.2762) after the formation of a bullish divergence from the CCI indicator. However, today, June 24, a bearish divergence is brewing in the MACD indicator, which allows traders to count on a reversal in favor of the US currency and a slight drop in the direction of the correction level of 76.4% (1.2701). The rebound of the pair from the Fibo level of 100.0% similar work in favor of the US dollar. The consolidation of quotations above the level of 100.0% will increase the probability of further growth in the direction of the next correction level of 127.2% (1.2831).
The Fibo grid is based on the extremes of June 7, 2019, and June 18, 2019.
Forecast for GBP/USD and trading recommendations:
The GBP/USD pair has fulfilled the growth to the correction level of 100.0%. I recommend selling the pair with the target of 1.2701, with the stop-loss order above 1.2762, if the rebound from the level of 100.0% is executed, especially in conjunction with the formation of bearish divergence(hourly chart). I recommend buying the pair with the purpose of 1.2831 it will close above the Fibonacci level of 100.0% and stop-loss order under 1.2762 (hourly chart).
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