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06.12.202305:57 Forex Analysis & Reviews: Forecast for EUR/USD on December 6, 2023

EUR/USD

Contrary to our expectations, the euro did not consolidate before breaking the resistance at 1.0834, instead the price immediately overcame it as well as other significant lines. Now, the pair can reach the 1.0757 target, and upon surpassing it, the second target will be 1.0708 – the MACD line in the daily chart. The Marlin oscillator continues its firm downward movement.

Exchange Rates 06.12.2023 analysis

Yesterday's JOLTS job openings data for October showed a sharp decline from 9.350 million to 8.733 million, indicating labor market saturation. Therefore, today's ADP data and Friday's labor data may turn out to be weaker than expected.

Exchange Rates 06.12.2023 analysis

On the 4-hour chart, the price has settled below 1.0757, decreasing, and the Marlin oscillator has slowed down, but the decline continues. The oversold territory is still a considerable distance away. However, since the current week is filled with important economic data, caution is advised.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Laurie Bailey,
Analytical expert of InstaSpot
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