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The US macro data turned out to be significantly better than expected, preventing the pair from correcting higher. This time, it's about the JOLTS job openings data, expected to decrease to 8.6 million from 8.8 million in the previous period. First of all, the surge in listings follows a revised 8.9 million total for July. Secondly, job openings actually rebounded to 9.6 million in August. It's highly unlikely that this occurred due to mass layoffs; rather, it's likely that workers left their jobs voluntarily. Such a result strongly hints that the report from the U.S. Department of Labor, scheduled for release on Friday, will be much better than expected.
However, the dollar's growth was quite modest. Its excessive overbought condition clearly restrains it from rising further. Nevertheless, the chances of a rebound, at least for today, is quite low. After all, the forecasts for upcoming European data are quite negative. Specifically, the pace of decline in retail sales could accelerate from -1.0% to -1.4%. What's even worse is that the rate of decline in the producer price index could accelerate from -7.6% to -11.6%. This means that inflation will continue to plummet, ruling out the possibility of another interest rate hike by the European Central Bank. Therefore, the euro will likely fall.
The EUR/USD pair managed to stay below the 1.0500 level, despite an obvious technical signal of oversold conditions. This movement reflects bearish sentiment among traders.
The RSI has left the oversold zone on the 4-hour chart. However, on the daily chart, the indicator remains below the 30 level.
On the 4-hour chart, the Alligator's MAs are headed downwards, which is in line with the pair's main direction.
We expect the volume of short positions to increase after the price stays below the 1.0450 level. In this case, the price could fall to the 1.0350 level. As for the corrective move, the price would need to return above the 1.0500 level on the 4-hour chart at least.
Complex indicator analysis indicates a mixed signal in the short-term period due to the consolidation phase. Meanwhile, in the intraday and mid-term periods, the indicators are reflecting a downward cycle.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
