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FX.co ★ Forecast for EUR/USD on May 6, 2021

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Forex Analysis:::2021-05-06T03:36:48

Forecast for EUR/USD on May 6, 2021

EUR/USD

Yesterday, the EUR/USD pair fell by only 8 points, pausing at the support of the MACD indicator line. In the US private sector, 742,000 new jobs were created in April against 565,000 in March, with an upward revision from 517,000. This, of course, is a very optimistic moment in anticipation of the broader US labor report on Friday. The forecast for Non-Farm Employment is very wide - from 950000 to 2100000. And since the interpretation of the released data can also be quite gratuitous, investors are in no hurry to get ahead of the events, Friday will be hot.

Forecast for EUR/USD on May 6, 2021

A double convergence has already formed on the four-hour chart. Perhaps the price will continue to move sideways today. The upper limiter is the 50.0% Fibonacci level at the price of 1.2025. The bears will be aiming for the 23.6% Fibonacci level at 1.1856 in the coming days.

Forecast for EUR/USD on May 6, 2021

Analyst InstaForex
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