02.07.202409:21 Forex Analysis & Reviews: Hot forecast for EUR/USD on July 2, 2024

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The dollar has actually remained in the same position, and EUR/USD stays within a relatively narrow range. The situation will likely remain unchanged even if a good number of economic reports are scheduled for release today, as the market is waiting for the U.S. Department of Labor report to be published on Friday. Even today's Eurozone inflation report, which is expected to show a slowdown from 2.6% to 2.5%, combined with an increase in unemployment from 6.4% to 6.5%, is unlikely to have much impact on the pair's movement. The market is already expecting the European Central Bank to lower rates once again, as easing Eurozone inflation creates room for rate cuts. At most, the pair might shift to the lower boundary of the range.

EUR/USD ended the day below the 1.0750 mark, which shows that the pair continues to trade within the horizontal range of 1.0670/1.0750.

On the 4-hour chart, the RSI technical indicator is hovering in the upper area of 50/70, which points to the growth in the volume of long positions.

Meanwhile, on the same chart, the Alligator's MAs are within the horizontal channel.

Outlook

As long as the price doesn't break out of the horizontal channel on the day period, the pair will continue to show flat dynamics.

The complex indicator analysis points to a downward cycle in the short-term and intraday periods.

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