Forecast for EUR/USD on June 3, 2021

EUR/USD

The euro traded intensively in the consolidation range on Wednesday, marked with a gray area on the daily chart, below the target level of 1.2272. The chances for forming a triple divergence over the past day have become significantly less. The US is set to release its employment report for May with an expected decrease in unemployment from 6.1% to 5.9%, and this circumstance, if not prompting investors to sell the euro ahead of time, then at least not to buy. The target of the decline at 1.2070 is the MACD indicator line on the daily chart.

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On the four-hour chart, the Marlin oscillator barely entered the growth area after yesterday's decline, the price is above the balance indicator line, which can provoke an even higher growth, but not by much, only up to the MACD indicator line near the 1.2230 mark.

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Today, the US is to release data on new jobs in the private sector from ADP for May, forecast at 675,000, the data may push the euro down.

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

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