Wave analysis of EUR / USD and GBP / USD for May 29. The results of the elections to the European Parliament are positive

EUR / USD

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On Tuesday, May 28, the EUR / USD pair trading ended in a further 30 basis points. It would seem that the American statistics summed up the dollar at the end of last week. On the other hand, the euro received good chances for building an ascending wave, even though it does not fit into the current wave counting, and on Monday, the results of the elections to the European Parliament became known. According to which, party members who won are supporters of the EU. However, all this does not help the euro in the fight against the US dollar. On the current wave picture - everything is logical. The trend section, which takes its beginning on March 20, takes on a very long look. The unsuccessful attempt to break through the low of April 26 made doubts at first about the willingness of traders to sell the euro. But now, it is clear that the EUR / USD instrument is still inclined to decline.

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 signal from the MACD was formed down, so I recommend selling the euro with the targets of 1.1097 and 1.1045, which corresponds to 161.8% and 200.0% in Fibonacci. A restrictive order is recommended to be placed above the level of 76.4% Fibonacci. Thus, an unsuccessful attempt to break through will lead to a new decrease in the instrument.

GBP / USD

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On May 28, the GBP / USD pair lost another 25 basis points. The estimated wave from the downward trend, taking its beginning on March 13, is ready to take a more complex and extended look. In addition, the longer the uncertainty persists with Brexit and the future prime minister of the country and, accordingly, with the future of the country itself, the longer the pound will remain an object for sales among small and large traders. Now, I see a very likely completion of the construction of the expected wave 2, c, which in size was not more than 23.6% of wave 1. Thus, the pound / dollar pair showed readiness to build a downward wave 3, c, with the prospect of falling towards 23 and 22 figures.

Sales targets:

1.2554 - 200.0% Fibonacci

1.2360 - 261.8% Fibonacci

Shopping goals:

1.3175 - 0.0% Fibonacci

General conclusions and trading recommendations:

The wave pattern of the pound / dollar instrument suggests a resumption of the instrument decline within the estimated 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.

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