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Here are the details of the economic calendar for June 3:
ADP published the level of US employment in the private sector during the previous trading day.
Based on the report, the number of jobs rose by 978 thousand against the forecasted 650 thousand, which is the largest growth since June last year.
Such optimistic data ahead of the report of the US Department of Labor led to an immediate reaction of the US dollar in terms of its strengthening.
Analysis of trading charts from June 3:
The EUR/USD pair showed a fairly strong decline yesterday, which led to a breakdown of the variable pivot point, namely the level of 1.2160, and then followed by the local low of May 28.
The trading recommendation on June 3 considered a downward development if the price is held below the level of 1.2150, which eventually gave us the opportunity to enter the sell position.
The GBP/USD pair managed to work out the average level of the side channel 1.4172 as resistance, increasing the volume of short positions (sell positions), which eventually returned the quote to the lower border of the channel 1.4100.
The trading recommendation on June 3 considered the scenario of a possible price rebound from the average level, where it was possible to open sell positions.
Trading recommendation for EUR/USD and GBP/USD on June 4, 2021
Today, the United States Department of Labor is scheduled to release a report that predicts that the unemployment rate will decline from 6.1% to 6.0%. At the same time, 610 thousand new jobs can be created outside of agriculture, which means that unemployment will continue to decline. However, there are some subtle points – if the data coincides with the expectation of the report, then there will be no reaction since the ADP report has already warmed up the US dollar quite strongly. Therefore, the market reaction will follow only if the forecasts are ahead of schedule.
12:30 Universal time - US Department of Labor report
Looking at the EUR/USD trading chart, a small level of oversold due to the inertial downward movement is seen, which can lead to a slowdown and a pullback. Traders will consider the prolongation of short positions if the price is kept below the level of 1.2100, which may open the way towards the range of 1.2050-1.2000.
As for the trading chart of the GBP/USD, it can be seen the cyclicality in the sideways channel of 1.4100/1.4240 still takes place in the market, although its lower border was recently punctured.
The breakdown of the channel along a downward trajectory may become more likely if the quote is kept below the level of 1.4080, which will open the way towards the psychological level of 1.4000. Otherwise, another price rebound may occur.
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