For Traders

Analytical Reviews

Technical analysis

06.05.202105:36 Forex Analysis & Reviews: Forecast for EUR/USD on May 6, 2021

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD

Yesterday, the EUR/USD pair fell by only 8 points, pausing at the support of the MACD indicator line. In the US private sector, 742,000 new jobs were created in April against 565,000 in March, with an upward revision from 517,000. This, of course, is a very optimistic moment in anticipation of the broader US labor report on Friday. The forecast for Non-Farm Employment is very wide - from 950000 to 2100000. And since the interpretation of the released data can also be quite gratuitous, investors are in no hurry to get ahead of the events, Friday will be hot.

A double convergence has already formed on the four-hour chart. Perhaps the price will continue to move sideways today. The upper limiter is the 50.0% Fibonacci level at the price of 1.2025. The bears will be aiming for the 23.6% Fibonacci level at 1.1856 in the coming days.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.