empty
 
 
en
Support
Instant account opening
Trading Platform
Deposit/Withdraw

02.07.202405:32 Forex Analysis & Reviews: Forecast for EUR/USD on July 2, 2024

EUR/USD

Yesterday, the euro closed below the Kijun-sen line with a large upper shadow. The euro has failed to reach the target level of 1.0788, and it is likely on track to close the gap below the 1.0724 level. However, all these actions are taking place within the framework of waiting for the upcoming holiday on Thursday and the key US employment data on Friday, which is the main event of the week. From a purely technical perspective, yesterday's outcome only reinforces the bearish outlook in the medium-term.

Exchange Rates 02.07.2024 analysis

The forecast for new non-farm payroll jobs in June is 189,000 compared to 272,000 in May. However, the negative trend in the overall number of unemployed last month (Continued Jobless Claims) suggests a worse non-farm payroll figure, around 150,000-160,000, similar to what we saw in November last year when the structure of Continued Jobless Claims was similar. In such a case, the euro might fall along with the stock market due to a risk-off effect.

Exchange Rates 02.07.2024 analysis

On the 4-hour chart, the euro seems to be trying to retest the support at 1.0724. If the euro intends to close the gap, it can breach this support level. We can confirm the euro's intention to continue the downward movement when the price consolidates below the Kijun-sen line (1.0702). By that time, the Marlin oscillator will likely be in the downtrend territory (below the zero line).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
Analytical expert of InstaSpot
© 2007-2024
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.