EUR/USD Calm and Quiet
Dmitriy Gurkovskiy | Jun 07, 2021 12:56
At the beginning of another week of June, the major currency pair is looking neutral and trading close to 1.2150.
American statistics published last Friday were quite good and have already been included in prices. For example, the Unemployment Rate showed 5.8% in May after being 6.1% in April. The Nonfarm Employment Change was 559K after being 278K the month before. The actual reading is pretty good despite being worse than expected, 645K.
The Average Hourly Earnings added 0.5% m/m in May after expanding by 0.7% m/m in the previous month and against the expected reading of 0.2% m/m.
In the H4 chart, EUR/USD is forming another descending structure with the short-term target at 1.2050 and may later start another growth to test 1.2150 from below. After that, the instrument may start one more decline towards 1.1955. From the technical point of view, this scenario is confirmed by MACD Oscillator: after breaking 0, its signal line is still falling below this level.
As we can see in the H1 chart, after rebounding from 1.2250, EUR/USD has completed the descending structure to reach 1.2111 along with the correction towards 1.2180; right now, it is forming another descending structure to break 1.2111 and then continue trading downwards with the short-term target at 1.2050. From the technical point of view, this scenario is confirmed by the Stochastic Oscillator: after breaking 50 to the downside, its signal line may continue falling towards 20.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
Disclaimer
Any forecasts contained herein are based on the author's particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
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