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FX.co ★ Hot forecast for EUR/USD on June 9, 2021

Hot forecast for EUR/USD on June 9, 2021

The single European currency is standing still. At the very beginning of the week, there was still at least some volatility, albeit insignificant, but now there is nothing. In fact, we are talking about horizontal movement. In many ways, this is not even due to the lack of any serious news (everything is fine with them), but with the expectation of the upcoming meeting of the board of the European Central Bank, which will take place only tomorrow. And apparently, before that, investors are not ready to take risks, since there is no clear understanding of what should be expected from the regulator, at least in terms of statements on further actions. Even yesterday's data on GDP of the euro area could not budge the single European currency. But the third estimate not only showed a slowdown in the rate of economic decline to -1.3%, the previous two showed -1.8%. The data for the fourth quarter of the previous year were also revised for the better, from -4.9% to -4.7%. So, the third assessment showed that the euro area economy is recovering somewhat faster than expected. In principle, this is enough for the single European currency to appreciably strengthen. But that did not happen.

GDP change (Europe):

Hot forecast for EUR/USD on June 9, 2021

And since the market ignored the GDP data, it is not surprising that the data on open vacancies were ignored, the total number of which in the United States increased from 8,288,000 to 9,286,000. And this is despite the fact that growth was predicted up to 8,300 thousand. In any case, we are talking about the fact that the American labor market is confidently recovering, and employment will only grow. But this did not affect the market in any way. Investors are waiting for the meeting of the European Central Bank, and until then, there will be no progress. That is, we will continue to observe a pronounced horizontal movement.

Number of Job Openings (United States):

Hot forecast for EUR/USD on June 9, 2021

The EUR/USD currency pair, after a series of upward impulses in the period of June 4 and 7, went into a slowdown mode, where the price coordinates 1.2165 and 1.2200 serve as the variable boundaries of the slowdown.

Market dynamics are showing signs of slowing down when you take 24 hours into account. At the same time, the ratio of speculative transactions continues to grow, which indicates a possible increase in activity in the future.

If we proceed from the current location of the quote, the same amplitude movement of the price described above will be visible, which indicates the process of compression and, as a result, the accumulation of trading forces.

In this situation, the most optimal trading tactic is considered to be the method of breaking through one or another boundary of the established range 1.2165 / 1.2200, working on the outgoing impulse.

From the point of view of complex indicator analysis, it can be seen that the indicators of technical instruments on the minute and hour intervals have a variable signal due to the movement in amplitude.

Hot forecast for EUR/USD on June 9, 2021

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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