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03.07.2020

Morning Market Review

EUR shows a slight decline against USD during today's Asian session, developing flat trend in the short term. US macroeconomic statistics released yesterday allowed USD to recover in the afternoon and move away from local lows since June 24. Meanwhile, the released data cannot be called unambiguously positive. Nonfarm Payrolls in June grew by 4800K, significantly exceeding market expectations of 3000K.

Services PMI. Germany, 09:55 (GMT+2)

German Services PMI for June is due at 09:55 (GMT+2). The indicator reflects the state of business activity and is calculated on the basis of a survey of purchasing managers of service enterprises. At the same time, the attitude of purchasing managers to the current economic situation and prospects for its further development is evaluated. According to forecasts, the indicator will remain at the same level of 45.8 points.

USD/TRY: wave analysis

The pair may grow.

On the daily chart, the fifth wave of the higher level 5 develops, within which the wave (3) of 5 forms. Now, the wave of the lower level 3 of (3) is forming, a local correction has ended as the wave 4 of (3), and the wave 5 of (3) is developing. If the assumption is correct, the pair will grow to the levels of 7.2590–7.6000. In this scenario, critical stop loss level is 6.6731.

NZD/USD: wave analysis

The pair may grow.

On the 4-hour chart, the upward wave A of (B) develops, within which the third wave of the lower level iii of A forms. Now, a local correction has ended as the wave (iv) of iii, and the wave (v) of iii is forming, within which the wave iii of (v) is developing. If the assumption is correct, the pair will grow to the levels of 0.6751–0.6972. In this scenario, critical stop loss level is 0.6384.

GBP/USD: wave analysis

The pair may grow.

On the 4-hour chart, the first wave of the higher level (1) formed, and a downward correction developed as the wave (2), shaped as irregular flat. Now, the development of the third wave (3) has started, within which the entry wave of the lower level i of 1 of (3) has formed. If the assumption is correct, the pair will grow to the levels of 1.2880–1.3150. In this scenario, critical stop loss level is 1.2250.

EUR/USD: wave analysis

The pair may grow.

On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the wave (3) started, within which the third wave of the lower level iii of 1 of (3) develops. Now, a local correction has ended as the wave (iv) of iii, and the wave (v) of iii is developing, within which the formation of the wave iii of (v) is starting. If the assumption is correct, the pair will grow to the levels of 1.1495–1.1605. In this scenario, critical stop loss level is 1.1180.

EUR/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading around upper border of the cloud. The closest support level is the upper border of the cloud (120.27). One of the previous maximums of Chikou Span line is expected to be a resistance level (122.62).