08.08.202408:47 Forex Analysis & Reviews: Hot forecast for EUR/USD on August 8, 2024

No significant changes occurred in the currency market yesterday, which was largely expected. Not only was the economic calendar empty, but the market also needed to recover after a sharp decline in the dollar. Although data on unemployment benefit claims in the United States are being published today, it is unlikely to affect the situation because only minor changes are expected. Moreover, the number of initial claims is expected to decrease by 2,000, while recurring claims may increase by 3,000, so the data will offset each other. In other words, the market will continue to consolidate around current values unless some unexpected news appears.

During the corrective phase, the EUR/USD pair reached 1.0900, and the volume of short positions decreased. As a result, the pair stagnated slightly above the aforementioned level.

On the 4-hour chart, the RSI could not cross the 50 middle line downwardly. This indicates that the strength of the corrective phase is likely exhausted.

In the same time frame, the Alligator indicator's moving average lines point upward, indicating an upward cycle.

Expectations and Perspectives

The price must settle below 1.0900 to subsequently build a corrective phase. Otherwise, this level may act as support, leading to a gradual recovery of long positions on the euro.

The comprehensive indicator analysis signals a stagnant phase in the short-term and intra-day periods, which may suggest a slowdown in the corrective phase.