08.10.202009:38 Forex Analysis & Reviews: Hot forecast and trading recommendations for EUR/USD on 10/08/2020

The single European currency was recovering quite confidently yesterday after its decline on Tuesday. And taking into account that by yesterday's growth it won back exactly half of the previous fall, it is obvious that the recovery was of a purely technical nature. This is not surprising, since the macroeconomic calendar was completely empty yesterday.

However, the euro may again begin to lose its positions today. The reason for this will be the data on claims for unemployment benefits in the United States. The number of initial applications should be reduced from 837,000 to 820,000. The number of repeated applications may decrease from 11,767,000 to 11,400,000. In other words, we can get another proof of the ongoing recovery of the labor market, which is an extremely positive factor. This will also help strengthen the dollar.

Number of initial claims for unemployment benefits (United States):

The EUR/USD pair worked on the recovery process relative to the decline for October 6. As a result, we got the price to move within the range of 1.1770, where a range of 1.1770/1.1805 was formed recently.

If we proceed from the quote's current location, we can see that the values of 1.1760/1.1780 are used as variable boundaries, which is where market participants have been standing for 17 hours.

A local slowdown is recorded relative to the market dynamics, but speculative activity is still observed at minute and hour intervals.

Examining the trading chart in general terms (day time period), you can see that the corrective move from the local low of 1.1612, as before, is relevant in the market, where the 1.1810 coordinate is used as a level of resistance.

We can assume that the price will soon finish fluctuating in the range of 1.1760/1.1780.

1,1780 --->1,1800

1,1760 --->1,1730

From the point of view of a complex indicator analysis, we see that indicators of technical instruments for minute and hour periods indicate a signal to buy due to the recovery process.