Hot forecast for EUR/USD on August 6, 2021

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The dynamics of the labor market without any question is one of the most important factors not only for the markets, but also for the entire economy as a whole. Based on the expectations of the report of the United States Department of Labor, experts consider a decrease in the unemployment rate from 5.9% to 5.7%, and 870 thousand new jobs will be created outside of agriculture.

There can be only one conclusion from the report—the American economy is steadily recovering, and this is a positive signal for dollar positions.

The EUR/USD currency pair, following the correction scheme, met the resistance level of 1.1900 on the way. This led to stagnation, and then to a rebound in the price on a downward trajectory. The recovery process relative to the correction course is 50%, which signals a high chance of sellers to return the quote to the base area on July 21 - 1.1750.

The market dynamics yesterday signaled a slowdown, but this stagnation became the starting point in the downward course.

Considering the trading chart on the scale of the daily period, it can be seen that since June, a downward trend has been developing in the market, where the recent correction is part of it.

Expectations and prospects

The downward development of the price will still remain an actual scenario in the market, where traders are focused on returning the quote to the area of the value of 1.1750.

The growth of volatility in the market is expected during the publication of the report of the United States Department of Labor.

A comprehensive indicator analysis signals a sale in the short-term and intraday periods.

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

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