Forex Analysis & Reviews: Forecast for EUR/USD on July 2, 2021

EUR/USD
Yesterday, as expected, the euro spent the whole day at the target level of 1.1855 in anticipation of today's data on US employment. The data is expected to be good: the forecast for Non-Farm Employment Change (new jobs in the non-agricultural sector) for June is 700,000, the unemployment rate may drop to 5.7% from the latest data of 5.8%. Also, the volume of industrial orders for May is forecast to grow by 1.6%. We are waiting for the price to fall even further and reach the target level of 1.1705.

The signal line of the Marlin oscillator on the H4 chart was flat yesterday. The short-term exit above the MACD line once again showed the falsity of such an intention and strengthened the downward trend. We are waiting for the development of events.

Analysis are provided by InstaForex