EUR/USD Hot Forecast for 4 June, 2021

  • EUR/USD reverses three consecutive daily pullbacks.
  • Decent contention emerges around 1.2100 so far.

analytics60ba3fc1ef2aa.jpg

EUR/USD is trading just above 1.21, unable to recover from the blow it received from a trio of strong US figures on Thursday. Nonfarm Payrolls increases only 559K.

EUR/USD manages to bounce off lows in the 1.2100 neighbourhood at the end of the week. A serious recovery initially targets the (now resistance) line off the March lows, today around 1.2230. Further up comes in the monthly peaks near 1.2270 ahead of 1.2300 the figure.

The currency pair has gained the bearish momentum on the four-hour chart and is trading around support breakout level which coincides with 50% retracement level.

Some support awaits at the daily low of 1.2105, followed by 1.2055, a cushion from mid-May, and then 1.2015, 1.20 and 1.1945.

Some resistance is at the daily high of 1.2130, followed by 1.2160, 1.2175 and 1.22, which played a role in EUR/USD's trading in recent weeks.

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

Pages