03.05.202405:25 Forex Analysis & Reviews: Forecast for EUR/USD on May 3, 2024

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EUR/USD

Yesterday, the euro made a strong effort to return to the 1.0636/56 range, but the market's brief return to risk took over. The price returned above the resistance at 1.0724, and today it opened above this level. The Marlin oscillator has penetrated the uptrend territory, which suggests that the price intends to move towards the intermediate level of 1.0757.

If it succeeds, a significant level of 1.0796 lies ahead, which the MACD line is approaching. The euro has a high chance of reversing into a medium-term decline from this level. Such a brief rise is possible based on today's US employment data, which suggest that the labor market will slightly weaken.

On the 4-hour chart, the price has settled above the balance indicator line and above the level of 1.0724. The Marlin oscillator supports the growth in the positive territory, supporting the price's growth. The MACD line around the 1.0685 mark serves as support for this plan. If it overcomes this mark, the price will enter the target support range.

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