03.07.202405:40 Forex Analysis & Reviews: Forecast for EUR/USD on July 3, 2024

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EUR/USD

Yesterday, the rise in stock indexes (S&P 500 up 0.62%) stopped the euro from falling, closing the day with a 5-pip gain. The price also managed to close the gap from Monday's opening level.

Today is a short workday in the US, with a holiday tomorrow. During these days, the euro might reach the target level of 1.0788, as today's opening level is above the MACD line, and closing the day with a white candle will reinforce this positive trend at least until Friday. The Marlin oscillator is close to the boundary of the positive territory, but even if it plans to retreat from this boundary, it has the potential to fully capitalize on the current momentum.

On the 4-hour chart, the price's growth looks firm, supported by the Marlin oscillator. We should wait for Friday, by then the market will reveal its true intentions with the release of the US employment data.

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