Forecast for EUR/USD on June 8, 2020


Strong data on US employment came out last Friday. They came out so strong that they launched a ten-day anti-dollar trend. In May, 2.51 million (!) new jobs were created in the non-agricultural sector against a forecast of a decrease of 8.0 million, the general unemployment rate fell from 14.7% to 13.3% against a forecast of a fall to 19.7%. The euro closed the day with a decrease of 45 points. In case of overcoming the support of 1.1265, the price will drop to the next target level of 1.1200.

Exchange Rates 08.06.2020 analysis

The divergence on the Marlin oscillator has been reached on the four-hour chart, and the price could fall further. Target level of 1.1200 coincides with the support of the MACD line. This level turns out to be strong, overcoming it will pull down the euro to targets 1.1125, and possibly even 1.1020.

Exchange Rates 08.06.2020 analysis

To continue the growth, that is, launch an alternative scenario, the price needs to gain a foothold over 1.1342. Goals: 1.1416, 1.1495.

Source: Forecast for EUR/USD on June 8, 2020

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