Market Analysis

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August 7, 2020 10:42 am

EUR/USD. August 07, 2020 – The pair consolidates at 1.18 in anticipation of data on the US labor market

At the end of the week, the euro depreciates moderately, reaching the level of 1.1800. The EUR/USD pair has entered the overbought zone, which may trigger profit taking before the weekend, as well as cause a corrective decline.


The US dollar received some support from the data on applications for unemployment benefits, the number of which fell to 1.19 million. This figure was below the forecast of decline to 1.4 million applications. Fewer Americans are applying for benefits, even as the Unemployment Benefit Enhanced Program expired at the end of July. This suggests that the situation in the US labor market is gradually improving.


Today you should pay attention to the key release of the employment market in the United States for July. Forecasts are quite optimistic: the unemployment rate should fall from 11.1% to 10.5%. Moreover, outside agriculture, 2,200 new jobs can be created.


So, in anticipation of these data, the pair is consolidating at the level of 1.18. Further dynamics of the pair will fully depend on American statistics.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.