Forecast for EUR/USD on July 5, 2019

EUR/USD

For the last four days, the euro has consolidated in anticipation of today's data on employment in the United States. As we said earlier, today's market data is important for understanding the Fed's next steps in easing monetary policy. So, if the Non-Farm Employment Change turns out to be better than the forecast of 162 thousand, an opinion on one, a maximum of two rate cuts in the current year can be affirmed. As a result, on the burned out expectations of investors, the euro may be subject to being sold. This is the scenario we take for the main one. The decline's purpose is the range between the support of the price channel line on the daily scale chart (1.1228) and the MACD line, which is 15 points higher (1.1243) above this mark. If the price consolidates below the target range, a further decline may continue to the Fibonacci line 110.0% (1.1156). The Marlin oscillator signal line for daily in negative territory - the trend prevails to decrease.

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On the four-hour chart, the oscillator line reached the boundary with the growth area, here is a convenient area for turning down.

The likelihood of the euro rising for some other reason is also possible. For a pronounced growth, the price needs to consolidate above the MACD line of the four-hour scale (1.1328), the level is close to the highs of April 12 and 17. In this case, the prospect of growth to the Fibonacci level for the daily 61.8% at a price of 1.1445.

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The material has been provided by InstaForex Company - www.instaforex.com