05.06.2023 05:31 AM
Forecast for EUR/USD on June 5, 2023


US President Biden signed a law lifting the debt ceiling (to $31.47 trillion) until January 1, 2025, after which it will be raised. Today, the Treasury is already issuing $50 billion in 44-day Treasury bills, $65 billion in 13-week bills, and $58 billion in 26-week bills. According to preliminary data, the Treasury plans to raise $1.4 trillion by the 4th quarter. Such a massive withdrawal of money from the external sector in favor of bond issuance will put pressure on the stock market and significantly increase the demand for the USD.

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On the daily chart, this morning, the price reached the target support at 1.0692. Falling below this support opens up the target level of 1.0615, which is the nearest embedded line of the global downtrend channel. This target almost coincides with the low of February 17, so a correction from that level is possible.

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On the 4-hour chart, the price has stopped falling at the MACD indicator line. The support at 1.0692 has gained reinforcement, increasing its significance. The Marlin oscillator has established itself in the negative territory, and it will now help the price in breaching this support level.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2023
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