We present x-ray diffraction experiments and multiple-scattering calculations on the structure and transport properties of a Fe/MgO/Fe(001) magnetic tunnel junction (MTJ). Coherent growth of the top Fe electrode on the MgO spacer is observed only for Fe deposition in ambient oxygen atmosphere leading to a coherent and symmetric MTJ structure characterized by FeO layers at both interfaces. This goes in parallel with calculations indicating large positive tunnel magnetoresistance (TMR) values in such symmetric junctions. The results have important implications for achieving giant TMR values.