10.02.202110:08 Forex Analysis & Reviews: Hot forecast for EUR/USD on 02/10/2021

In general, as expected, the data on the number of open vacancies in the United States did not have much impact on the situation. Their number did not decrease from 6,572 thousand to 6,400 thousand, but increased to 6,646 thousand, and this did not change anything. The data on vacancies are only secondary in nature and only supplement the data on the unemployment rate and applications for benefits on this very unemployment. Nevertheless, it is worth noting that the growth in the number of open vacancies clearly indicates a high potential of further reduction in the unemployment rate. However, these data could not affect the mood of market participants who were clearly set for a further correction because of its secondary nature. So, we will continue to observe the strengthening of the single European currency.

Number of Job Openings (United States):

By judging the values of the single European currency, it turned out that the correction is clearly over. You might even think that the market participants have gone a little too far. Globally, nothing has changed and the American economy still looks noticeably preferable to the European one. The unemployment rate is not just lower but it is also declining. The pace of economic recovery is much higher. So after a short stop, the dollar will clearly resume its growth. It is quite possible that today's inflation data will be the very reason that will start this process as inflation itself should remain unchanged. Nevertheless, it is higher than in Europe. Moreover, there is a possibility that inflation will accelerate from 1.4% to 1.5%. So the dollar clearly has reason to be optimistic.

Inflation (United States):

For the third day in a row, the EUR USD currency pair is moving in an upward trend from the support point of 1.1950, where market participants have already managed to touch the area of interaction of trading forces of 1.2130 / 1.2160.

The market dynamics are showing signs of acceleration, which is confirmed by the speculative behavior of the quotation on the market.

If we proceed from the current location of the quote, then the upward mood will still take place in the market, but perhaps everything will change soon.

Considering the trading chart in general terms, the daily period, it is worth noting that the upward movement from the support point of 1.1950 is only a price tact inside the large-scale correction of 1.2349 - - -> 1.1950.

It can be assumed that the price area of 1.2130 / 1.2160 may put pressure on buyers that will lead to a reduction in the volume of long positions and stagnation, followed by a downward movement. The development perspective in this case is considered in the direction of 1.2070 - 1.2050.

An alternative scenario considers holding an upward move in the market, in which case the price may fluctuate in the range of 1.2130 / 1.2190.

From the point of view of a comprehensive indicator analysis, we can see that the indicators of technical instruments unanimously signal a purchase due to an upward movement.