Since Tuesday, the euro has remained within the 1.0350 to 1.0458 range, as investors await today’s release of U.S. employment data for January. During this period, the price has stayed above the MACD line, and the Marlin oscillator has been developing in positive territory, reflecting optimistic investor sentiment toward the euro. The forecast for Nonfarm Payrolls stands at 169,000, compared to 256,000 in December, while the unemployment rate is expected to remain steady at 4.1%.
We believe that the actual Nonfarm Payrolls data may slightly underperform expectations, as recent reports on jobless claims, job openings, and layoffs have worsened, often missing forecasts. There is also a possibility that the unemployment rate could rise to 4.2%.
Notably, the Federal Reserve itself projects an average unemployment rate of 4.3% for the current year, indicating that, in its assessment, the labor market is nearing saturation. As a result, we anticipate a breakout above 1.0458, with the euro potentially targeting the 1.0534 to 1.0575 range, which corresponds to the support zone from February to March 2023.
On the four-hour chart, the price is fluctuating between the 1.0350 support level and the MACD line at 1.0420. The Marlin oscillator is near the threshold of a downtrend zone. A breakout above the MACD line would pave the way to attack 1.0458. However, a move below 1.0350 would not immediately signal a further decline, as additional support comes from the daily MACD line at 1.0325. Bears would need to consolidate below this level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services, o individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 28 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg
Our mission is simple: To enhance as many lives as we can through education and empowerment.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom
