07.10.202408:14 Forex Analysis & Reviews: Trading plan for EUR/USD and GBP/USD on 07.10.2024

Relevance up to 17:00 UTC+00

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The most optimistic forecasts predicted that the unemployment rate in the United States would remain unchanged, but it fell from 4.2% to 4.1%. This alone was enough for a solid rise in the dollar. Additionally, 254,000 new jobs were created outside of agriculture, compared to the expected 130,000. As a result, the US currency continued its victorious march, and the euro dropped below 1.1000.

The dollar's rise over the past few days has been so impressive that a correction seems almost inevitable, even though the strengthening was justified. The upcoming retail sales data from the Eurozone could provide a reason for a local correction, as the decline of -0.1% is expected to shift to a growth of 0.9%. This would be an outstanding result for Europe, so the euro has substantial grounds for growth, likely pushing it above 1.1050.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.