empty
03.06.2022 01:00 PM
EUR/USD: analysis and forecast for June 3, 2022

Hello, dear colleagues!

It is Friday, the last trading day of the week. Today, the US Labor Department will publish a jobs report for May. Clearly, these are the most expected fundamentals to come out this week. Although some think tanks question the importance of labor market data under current circumstances, Nonfarm Payrolls have always been one of the most closely-watched fundamental indicators able to cause changes in the technical picture of any currency pair. Speaking of market expectations, the unemployment rate in the US is projected to fall to 3.5% m/m from 3.6% a month earlier. At the same time, the American economy could add 325,000 new jobs. As for hourly earnings, figures are anticipated to rise by 0.4%. In general, such expectations can hardly be called unreasonably high, especially since Fed Chairman Jerome Powell has foreseen such an outcome. During his press conference after the May meeting and a 50 basis-point rate hike, the Fed's chief suggested there could be a fall in unemployment and a steady growth in new jobs. By this point in time, potential positive results, including the two future 50 basis-point rate increases have already been priced in by the market. However, if data comes in worse than expected, the dollar may feel some bearish pressure.

Daily

This image is no longer relevant

The price broke through support at 1.0641. Earlier, the quote pulled back from this level thrice when bears tried to push EUR/USD below 1.0641. However, this level managed to withstand bearish pressure every time and provide strong support for the pair. Yesterday, after a rebound from 1.0645, the quote went up and closed at 1.0747. Another important technical level worth paying attention to stands at 1.0700. Bulls and bears seem to have been fighting for the barrier because the price closes either below or above the mark, unable to consolidate. In this light, taking into account the pair's strong growth yesterday and the fact that the price closed above 1.0700, a bullish scenario would seem more likely if not for Nonfarm Payrolls. After the labor market report, it will become clear where the price closes. If it closes in the Ichimoku Cloud and above the 1.0787 high of May 30, the pair is likely to ascend further. If it breaks through 1.0641 and closes below this important level, the quote will go down. Since today is the last trading day of the week it would be unwise to give a new outlook, especially ahead of perhaps the most important macroeconomic report. However, in general, the bullish scenario seems more likely.

Have a nice weekend!

Ivan Aleksandrov,
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

Forex forecast 22/04/2025: EUR/USD, GBP/USD, USD/JPY and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:08 2025-04-22 UTC+2

Technical Analysis of Intraday Price Movement of GBP/CHF Cross Currency Pairs, Tuesday April 22, 2025.

If we look at the 4-hour chart of the GBP/CHF cross currency pair, there are several interesting facts. First, the appearance of a Triangle pattern followed by the movement

Arief Makmur 06:58 2025-04-22 UTC+2

Technical Analysis of Intraday Price Movement of AUD/CAD Cross Currency Pairs, Tuesday April 22, 2025.

With the price movement of the AUD/CAD cross currency pair moving above the WMA (21) which has an upward slopes and the appearance of Convergence between the price movement

Arief Makmur 06:58 2025-04-22 UTC+2

Trading Signals for GOLD (XAU/USD) for April 21-25, 2025: sell below $3,422 (overbought - 8/8 Murray)

The eagle indicator has reached overbought levels. However, the metal could still reach the high around 8/8 Murray, which represents a strong barrier for gold. Below this area, we could

Dimitrios Zappas 17:23 2025-04-21 UTC+2

Technical Analysis of Intraday Price Movement EUR/GBP Cross Currency Pairs, Monday April 21, 2025

From what is seen on the 4-hour chart, the EUR/GBP cross currency pair appears to be moving above the EMA (100), which indicates that Buyers dominate the currency pair

Arief Makmur 04:19 2025-04-21 UTC+2

Technical Analysis of Intraday Price Movement USD/JPY Main Currency Pairs, Monday April 21, 2025.

With the appearance of Convergence between the price movement of the main currency pair USD/JPY with the Stochastic Oscillator indicator and the position of the EMA (100) which is above

Arief Makmur 04:19 2025-04-21 UTC+2

Forex forecast 18/04/2025: EUR/USD, GBP/USD, Gold and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:18 2025-04-18 UTC+2

Gold: Ongoing Uncertainty Continues to Support Gold Prices

Gold prices continue to receive support amid the fog of uncertainty surrounding the future course of the tariff wars initiated by Donald Trump. The price of gold has been climbing

Pati Gani 11:49 2025-04-17 UTC+2

EUR/USD Forecast for April 17, 2025

On Wednesday, the euro once again moved into the target range of 1.1385–1.1420. However, recent price behavior suggests that the 1.1385 level is now redundant — we're seeing a consolidation

Laurie Bailey 11:07 2025-04-17 UTC+2

GBP/USD Forecast for April 17, 2025

Yesterday, the UK released inflation data for March. Core CPI declined from 3.0% y/y to 2.8% y/y, and headline CPI dropped from 2.8% y/y to 2.6% y/y, below the forecast

Laurie Bailey 11:02 2025-04-17 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.