The EURUSD rate returned to 1.0350 as part of a correction after declining at the market opening on Monday. This week, market participants are awaiting US labour market statistics. Find out more in our analysis for 4 February 2025.
EURUSD forecast: key trading points
- Market focus: market participants are awaiting US labour market statistics this week, including ADP data, nonfarm payrolls, and the unemployment rate
- Current trend: a downtrend
- EURUSD forecast for 4 February 2025: 1.0350 and 1.0200
Fundamental analysis
The EURUSD pair recovered slightly after the fall caused by the introduction of US restrictive tariffs against Canada, Mexico, and China. Investors are concerned about the continuation of trade wars, which may also affect the eurozone. US President Donald Trump earlier promised to consider imposing tariffs on European goods.
This week, the market will focus on US employment statistics, with ADP data, nonfarm payrolls, and the unemployment rate scheduled for release. Stronger-than-expected data will support the US dollar, potentially pushing the EURUSD pair lower. Conversely, weaker data could drive growth in the euro.
EURUSD technical analysis
On the H4 chart, the EURUSD pair is undergoing an upward correction after rebounding from the 1.0177-1.0200 support area. Last week, the bulls failed to surpass the 1.0530 resistance level and pulled back, with the price currently consolidating within a sideways range between 1.0200 and 1.0530.
Today’s EURUSD forecast suggests that the pair may have the potential for a further upward correction and growth to the 1.0530 resistance level if the bulls break above the 1.0350 resistance line. Conversely, if the bears keep the quotes below 1.0350, the upward correction may be over, with the pair continuing its downward trajectory.
Summary
The EURUSD pair is consolidating within the range between 1.0200 and 1.0530. This week, the market will focus on US employment statistics.
Source: Roboforex
