FX.co ★ Hot forecast for EUR/USD on August 4, 2021

Today, in terms of the economic calendar, data on retail sales in the Eurozone will be published, where they are predicted to reduce their volume in the period of June, which will negatively affect the euro exchange rate.

During the US session, preliminary data on the level of employment in the United States will be published, where growth is predicted, which will have a positive impact on the labor market and the US dollar.

The EUR/USD currency pair, last Friday, met a resistance level on its way in the face of a price value of 1.1900, relative to which a pullback and then stagnation in an amplitude of 1.1850 / 1.1900 occurred.

The market dynamics decreased after the price stagnation took place, but we are probably dealing with the process of accumulation of trading forces, which may well lead to a new round of acceleration in the market.

On the trading chart on the scale of the daily period, it is visible that the quote follows a corrective pattern from the support point of 1.1750 to the resistance level of 1.1900.

Expectations and prospects

The resistance level of 1.1900 still puts pressure on long positions, which leads to the stagnation stage. In this situation, it is worth working on the tactics of breaking a particular border, set at a stagnation of 1.1850/1.1900, where the outgoing impulse will indicate the next path in the market.

Complex indicator analysis has a variable signal relative to the short-term and intraday periods, due to price stagnation.