FX.co ★ Forecast for EUR/USD on August 31, 2023

EUR/USD:

On Wednesday, US reports showed a tougher economic environment for the US economy as well as a softer labor market. Private businesses in the US hired 177,000 workers in August, missing market expectations of a 195,000 rise (a downwardly revised 312,000 in July only exacerbated the current situation). The GDP for the 2nd quarter increased by 2.1% against an expected 2.4%. The EUR/USD pair grew by 43 pips, reaching the target resistance of 1.0931.

In today's Asian session, the price continues to trade higher, trying to break above the MACD indicator line. The Marlin oscillator is trying to move above the zero line and enter growth territory. By surpassing yesterday's high of 1.0945, it may reach the target of 1.1012.

On the four-hour chart, the situation is mildly bullish, as the price is slightly correcting above the balance and MACD indicator lines, and the Marlin oscillator is decreasing in the positive territory. To build an uptrend, the price needs to close the current candle above the reached level.