Forecast for EUR/USD on Jan 13, 2020

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EUR/USD

US employment data for December came out good. The increase in new jobs outside the agricultural sector (Nonfarm Payrolls) amounted to 145 thousand against the forecast of 165 thousand, the revision of the previous data was even weaker than our calculations: in October -14 thousand (152K vs 156K), in November -10 thousand. The general unemployment rate remained at the level 3.5%, an extended estimate of the unemployment index U6 fell from 6.9% to 6.7%. The share of economically active population remained at the level of 63.2%. Wage growth was a little disappointing – only 0.1% versus the expected 0.3%. Investors were nevertheless directly confused by payrolls and the S&P 500 stock index got hooked at -0.27%. The euro also reached for it, adding 13 points. We expect that investors will revise the assessment of the released data in a more positive way and the mood for dollar purchases will return.

On the daily chart, the signal line of the Marlin oscillator remains in the declining trend zone. The immediate goal of the decline is the coincidence point of the MACD line with the Fibonacci level of 123.6%.

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On the four-hour chart, the Marlin oscillator is in the zone of positive values, the purpose of corrective growth is to pair the indicator lines of balance (red) and MACD (blue) at a price of 1.1145. We are waiting for the price to turn down from this point.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Forecast for EUR/USD on January 13, 2020

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