FX.co ★ Forecast for EUR/USD on August 30, 2023

EUR/USD

On Tuesday, the euro tried to approach the support level of 1.0774, but the bulls held on to their strong positions, and as a result, the euro closed the day above the resistance level of 1.0865. The single currency started the day with a bearish correction, but eventually, it will try to test the resistance at 1.0931, above which the MACD line lies. The Marlin oscillator is also approaching the boundary of the uptrend territory. If the price surpasses 1.0931 concurrently with Marlin moving into the growth territory, the euro might receive another boost for growth. Potential bullish targets include: 1.1012, 1.1062, 1.1096. This growth has a corrective nature.

In the US, the JOLTS Jobs Openings slowed to 8.82 million in July, well off the estimate of 9.46 million, and June data was also revised downwards from 9.582 million to 9.165 million. In Japan, July unemployment increased from 2.5% to 2.7% (the forecast was for it to remain unchanged). Our assumption about the US and global labor market losing steam seems justified. We anticipate weak employment data on Friday and the euro to rise further.

On the four-hour chart, the price has settled above the balance and MACD indicator lines, above the 1.0865 level. The Marlin oscillator has sharply jumped. In such a scenario, the price may consolidate and rise further.