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08.06.202005:06 Forex Analysis & Reviews: Forecast for EUR/USD on June 8, 2020

EUR/USD

Strong data on US employment came out last Friday. The data turned out to be so strong that it put a stop to a ten-day anti-dollar trend. In May, the whole 2.51 million new jobs were created in the non-agricultural sector against a forecast of a decrease of 8.0 million. The general unemployment rate fell from 14.7% to 13.3% against a forecast of a fall to 19.7%. The euro declined by 45 pips by the end of the day. If the price breaks the support of 1.1265, it will drop to the next target level of 1.1200.

Exchange Rates 08.06.2020 analysis

The divergence on the Marlin oscillator has been reached on the four-hour chart, and the price could fall further. Target level of 1.1200 coincides with the support of the MACD line. This level turns out to be strong. Breaking this line, the euro is likely to slide lower to targets 1.1125, and possibly even 1.1020.

Exchange Rates 08.06.2020 analysis

To continue the growth, that is, launch an alternative scenario, the price needs to hold above 1.1342. Targets: 1.1416, 1.1495.

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

Laurie Bailey,
Analytical expert
InstaForex Group © 2007-2021
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