The euro dollar forex trading forecast for EURUSD today 08/07/2019
The impression is that investors are too optimistic reacted to Friday's release of the US labor market in June. Firstly, the average wage growth rate was 3.1%, which is worse than expected median. This indicator peaked in February (3.4%), after which we are witnessing a negative trend. Secondly, the unemployment rate increased by 0.1% to 3.7% mark, which is also worse than expected median. Full unemployment U6 form is also increased by 0.1%. Third, the Non-Farm figure though was significantly better than the consensus forecast, but were lowered assessment for May and April. Obtained from the three major indexes, only one came out positive, and that a correction of the previous months. If you watch the trend in the second quarter, it was created 533 000 new jobs, which is 25.9% lower than a year earlier. Recall In the first quarter figure was also down, but at 18.6%. It turns out that the negative trend is increasing. In the first half it was created just over a million new jobs, which is 22.3% less than in the first half of 2018. The futures market in Chicago has not changed their expectations - the likelihood of the Fed rate cut on 31 July and 18 September was 100% and 65% respectively.
EUR/USD recommendation: Buy 1.1219 / 1.1200, and take profit 1.1260