Hot forecast for EUR/USD on October 4, 2023
October 4, 2023 8:20 amVideo
Latest News
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
- Hot forecast for EUR//USD on April 26, 2024 April 26, 2024
- Technical Analysis – GBPJPY close to a new 9-year high April 26, 2024
- Technical Analysis – USDCAD retreats beneath 20-day SMA April 26, 2024
- Key events on April 26: fundamental analysis for beginners April 26, 2024
- Trading plan for GBP/USD on April 26. Simple tips for beginners April 26, 2024
- Trading plan for EUR/USD on April 26. Simple tips for beginners April 26, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 26 2024. April 26, 2024
The US macro data turned out to be significantly better than expected, preventing any significant correction for the pair. This time, it’s about the JOLTS job openings data, expected to decrease to 8.6 million from 8.8 million in the previous period. First of all, the surge in listings follows a revised 8.9 million total for July. Secondly, job openings actually rebounded to 9.6 million in August. It’s highly unlikely that this occurred due to mass layoffs; rather, it’s likely that workers left their jobs voluntarily. Such a result strongly hints that the report from the U.S. Department of Labor, scheduled for release on Friday, will be much better than expected.
However, the dollar’s growth was quite modest. Its excessive overbought condition clearly restrains it from rising further. Nevertheless, the chances of a rebound, at least for today, is quite low. After all, the forecasts for European data are entirely negative. Specifically, the pace of retail sales decline could accelerate from -1.0% to -1.4%. What’s even worse is that the rate of decline in the producer price index could accelerate from -7.6% to -11.6%. This means that inflation will continue to plummet, ruling out the possibility of another interest rate hike by the European Central Bank. Therefore, the euro will likely fall.
The EUR/USD pair managed to stay below the 1.0500 level, despite an obvious technical signal of oversold conditions. This movement reflects bearish sentiment among traders.
The RSI has left the oversold zone on the 4-hour chart. However, on the daily chart , the indicator remains below the 30 level.
On the 4-hour chart, the Alligator’s MAs are headed downwards, which is in line with the pair’s main direction.
Outlook
We expect the volume of short positions to increase after the price stays below the 1.0450 level. In this case, the price could fall to the 1.0350 level. As for the corrective move, the price would need to return above the 1.0500 level on the 4-hour chart at least.
Complex indicator analysis indicates a mixed signal in the short-term period due to the consolidation phase. Meanwhile, in the intraday and mid-term periods, the indicators are reflecting a downward cycle.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: