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05.10.202105:58 Forex Analysis & Reviews: Forecast for EUR/USD on October 5, 2021

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EUR/USD

The euro gained 23 points on Monday, supported by the rising Marlin oscillator on the daily chart. The complete formation of the reversal pattern seems to be a long story, because for this the price needs to consolidate above the MACD indicator line, above 1.1695. This Friday there will be data on employment in the US for September, the consensus forecast of economists is: in the non-agricultural sector will create 488,000 jobs, unemployment will be reduced from 5.2% to 5.1%. We believe that Nonfarm Payrolls will turn out to be worse than expected, as weekly jobless claims for three weeks in a row come out worse than expected. Weak data will help the euro grow.

The price has reached the resistance of the MACD line on the four-hour chart and turned downwards from it. For growth, the price must consolidate above this line (1.1621). The Marlin Oscillator has consolidated in the zone of the growing trend, which confirms the intention of the price to rise higher. But the euro is in no hurry yet.

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