04.06.2021 11:10 AM
Trading recommendations for starters of EUR/USD and GBP/USD on June 4, 2021

Here are the details of the economic calendar for June 3:

ADP published the level of US employment in the private sector during the previous trading day.

Based on the report, the number of jobs rose by 978 thousand against the forecasted 650 thousand, which is the largest growth since June last year.

Such optimistic data ahead of the report of the US Department of Labor led to an immediate reaction of the US dollar in terms of its strengthening.

Analysis of trading charts from June 3:

The EUR/USD pair showed a fairly strong decline yesterday, which led to a breakdown of the variable pivot point, namely the level of 1.2160, and then followed by the local low of May 28.

The trading recommendation on June 3 considered a downward development if the price is held below the level of 1.2150, which eventually gave us the opportunity to enter the sell position.

The GBP/USD pair managed to work out the average level of the side channel 1.4172 as resistance, increasing the volume of short positions (sell positions), which eventually returned the quote to the lower border of the channel 1.4100.

The trading recommendation on June 3 considered the scenario of a possible price rebound from the average level, where it was possible to open sell positions.

This image is no longer relevant

Trading recommendation for EUR/USD and GBP/USD on June 4, 2021

Today, the United States Department of Labor is scheduled to release a report that predicts that the unemployment rate will decline from 6.1% to 6.0%. At the same time, 610 thousand new jobs can be created outside of agriculture, which means that unemployment will continue to decline. However, there are some subtle points – if the data coincides with the expectation of the report, then there will be no reaction since the ADP report has already warmed up the US dollar quite strongly. Therefore, the market reaction will follow only if the forecasts are ahead of schedule.

12:30 Universal time - US Department of Labor report

Looking at the EUR/USD trading chart, a small level of oversold due to the inertial downward movement is seen, which can lead to a slowdown and a pullback. Traders will consider the prolongation of short positions if the price is kept below the level of 1.2100, which may open the way towards the range of 1.2050-1.2000.

This image is no longer relevant

As for the trading chart of the GBP/USD, it can be seen the cyclicality in the sideways channel of 1.4100/1.4240 still takes place in the market, although its lower border was recently punctured.

The breakdown of the channel along a downward trajectory may become more likely if the quote is kept below the level of 1.4080, which will open the way towards the psychological level of 1.4000. Otherwise, another price rebound may occur.

This image is no longer relevant

Gven Podolsky,
InstaForex के विश्लेषणात्मक विशेषज्ञ
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
    कॉन्टेस्ट में हिस्सा लें
  • चैन्सी डिपॉजिट
    $ 3,000 के साथ अपना खाता जमा करें और प्राप्त करें $4000 अधिक!
    में जुलाई हम आकर्षित करते हैं $4000 चैंसी डिपॉज़िट में
    ट्रेडिंग अकाउंट में $ 3,000 जमा करके जीतने का अवसर प्राप्त करें इस शर्त को पूरा करके आप प्रतियोगिता में भाग ले सकते हैं
    कॉन्टेस्ट में हिस्सा लें
  • ट्रेड वाइज़, विन डिवाइस
    कम से कम $500 के साथ अपने खाते में टॉप अप करें, कॉन्टेस्ट के लिए साइन अप करें और मोबाइल डिवाइस जीतने का मौका पाएं।
    कॉन्टेस्ट में हिस्सा लें
  • 100% बोनस
    अपनी जमा राशि पर 100% बोनस प्राप्त करने का आपका अनूठा अवसर
    बोनस पायें
  • 55% बोनस
    अपनी प्रत्येक डिपॉजिट पर 55% बोनस के लिए आवेदन करें
    बोनस पायें
  • 30% बोनस
    हर बार खाता टॉप अप करने पर 30% बोनस प्राप्त करें
    बोनस पायें

अनुशंसित लेख

अभी बात नहीं कर सकते?
अपना प्रश्न पूछें बातचीत.
Widget callback