Forecast for EUR/USD on March 3, 2021

EUR/USD

Yesterday, according to the euro's daily chart, two false signals occurred at once: the lower shadow pierced the target level of 1.2023 and this morning we observed the Marlin oscillator leaving the zone of positive values, which is not a signal for growth. We still believe that the euro will not surpass the resistance of the MACD line (1.2110), because today we will receive very important data on new jobs in the non-agricultural sector of the United States for the previous month, the forecast for which assumes an increase of 177,000. Friday non-farms are expected to grow by 180,000. The data on employment steps forward in the Federal Reserve's policy and are an indicator of a change in the central bank's mood towards tightening monetary policy.

So, we expect the price to move below the 1.2023 level again and a succeeding decline to the target of 1.1915.

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The signal line of the Marlin oscillator approached the border of the growth area on the four-hour chart, from which there may be a reversal of the oscillator to the downside, followed by prices.

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

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