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08.01.202406:12 Forex Analysis & Reviews: Forecast for EUR/USD on January 8, 2024

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EUR/USD

As we anticipated in previous reviews, the US employment data came out better than expected. In the non-farm sector, 164,000 new jobs were created compared to the expected 130,000, and the unemployment rate remained at the November level of 3.7%, instead of the expected 3.8%. However, the labor force participation rate slipped to 62.5% vs the prior 62.8%. This may be due to seasonal factors. The markets showed increased volatility in response to this data, with most assets, including currencies, gold, and even the Dow Jones, ending the day close to their opening levels.

The euro started the day with gains. The price is trying to move away from the support at 1.0905 in order to gravitate towards the target level of 1.1033. Breaking through the nearest resistance will open the path to 1.1076. By that time, the Marlin oscillator may have already risen above the zero line, providing fresh momentum for growth.

On the 4-hour chart, the price and Marlin oscillator have formed a convergence. The oscillator is already in positive territory, helping the price approach 1.1033. This level is strong and important because the MACD line is located nearby.

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