empty
04.09.2024 08:05 AM
Hot forecast for EUR/USD on September 4, 2024

The situation on the foreign exchange market remained unchanged, although the U.S. manufacturing sector business activity index has decreased from 49.6 points to 47.9 points, which was slightly worse than the preliminary estimate of 48.0 points. However, this indicator has a feeble impact. Because of this, the market continued to stagnate. And it seems that today, the stagnation will continue. Final data on the business activity index in the services sector and the composite business activity index also have a very insignificant impact. The data on job openings in the United States, although they precede the release of labor market data, are also considered minor indicators because it is quite challenging to conclude the state of the labor market from this data. The market will be waiting for tomorrow's employment data.

This image is no longer relevant

The EUR/USD pair is moving within the upper deviation of the psychological level of 1.1000/1.1050 for three consecutive days, indicating a sustained corrective cycle from the local high of the medium-term trend.

In the 4-hour chart, the RSI technical indicator has left the oversold zone but remains in the sellers' area between 30 and 50.

Regarding the Alligator indicator in the same time frame, the moving average lines (MA) point downward, which corresponds to the corrective phase.

Expectations and Prospects

At this stage, the psychological area serves as a support for sellers, negatively affecting the subsequent construction of the corrective cycle. Assuming the scenario of prolonging the correction, a series of actions is necessary, the first being a shift of the current stagnation into the lower area of the psychological level—these values are 1.0950/1.1000, followed by a consolidation below it. As for the bullish scenario, restoring the euro's rate could well occur in case of a price rebound from the psychological level's edge, with the price consolidating above 1.1100 during the day.

The complex indicator analysis indicates stagnation in the short-term and intraday periods; the indicators are unstable. Indicators point to an upward trend in the medium term.

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Hot Forecast for EUR/USD on December 10, 2024

The currency market continues to consolidate around levels reached on Friday, primarily due to the complete absence of any macroeconomic data. With today's economic calendar remaining empty and the European

Dean Leo 05:52 2024-12-10 UTC+2

Hot Forecast for EUR/USD on December 9, 2024

The unemployment rate in the United States increased from 4.1% to 4.2%, which was not entirely unexpected. However, the dollar strengthened. The key driver was the creation of 227,000

Dean Leo 06:27 2024-12-09 UTC+2

Hot Forecast for EUR/USD on December 6, 2024

Eurozone retail sales growth slowed significantly from 3.0% to 1.9%, much worse than even the most pessimistic forecasts. Yet, the euro still managed to gain ground. It is impossible

Dean Leo 06:31 2024-12-06 UTC+2

Hot Forecast for EUR/USD on 05.12.2024

The rate of decline in producer prices in the Eurozone slowed from -3.4% to -3.2%, contrary to expectations of an acceleration to -3.5%. This indicates that, while likely to decrease

Dean Leo 06:37 2024-12-05 UTC+2

Hot Forecast for EUR/USD on December 4, 2024

The number of job openings in the United States was expected to decrease by 63,000 but increased by 372,000. However, it's difficult to draw any conclusions from this data because

Dean Leo 06:30 2024-12-04 UTC+2

Hot Forecast for EUR/USD on December 3, 2024

Instead of rising from 6.3% to 6.4%, the Eurozone unemployment rate remained unchanged. However, this did not impact the market, and prices stayed flat. This is partly due to news

Dean Leo 06:30 2024-12-03 UTC+2

Hot Forecast for EUR/USD on 02.12.2024

Despite the acceleration of annual inflation in the Eurozone from 2.0% to 2.3%, the euro failed to rise and even weakened. Although the scale of the decline was limited

Dean Leo 05:52 2024-12-02 UTC+2

Hot Forecast for EUR/USD on November 27, 2024

As expected, the Federal Open Market Committee meeting minutes didn't reveal anything new. Given the dollar's excessive overbought condition, a continuation of the corrective movement, that is, some strengthening

Dean Leo 06:24 2024-11-27 UTC+2

Hot Forecast for EUR/USD on November 26, 2024

Despite some fluctuations, the market is essentially at a standstill. This pattern may persist until the FOMC meeting minutes are published this evening. A significant reaction is only likely

Dean Leo 06:46 2024-11-26 UTC+2

Hot Forecast for EUR/USD on November 25, 2024

The preliminary PMI data for the Eurozone delivered a negative surprise. Instead of expected growth, all indicators declined. The Services PMI fell from 51.6 to 49.2 (forecast: 52.0)

Dean Leo 06:26 2024-11-25 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.