The EURUSD pair is consolidating around 1.0390. Investors need strength ahead of new US labour sector releases. Find more details in our analysis for 6 February 2025.
EURUSD forecast: key trading points
- The EURUSD pair suspended growth
- The market collects data and awaits fresh statistics on the US labour sector on Friday
- EURUSD forecast for 6 February 2025: 1.0371 and 1.0351
Fundamental analysis
The EURUSD rate has been rising since the beginning of the week but stopped around 1.0390 on Thursday. The day before, the US dollar reached a weekly low, but the market’s anxiety about the global trade war has now subsided.
Since US President Donald Trump postponed trade tariffs on Canada and Mexico for a month but approved duties on China, the USD has fallen by about 2%. China has not yet responded as harshly as it could have, easing some market tensions.
However, the possibility of the US imposing tariffs on the EU still poses a risk to the euro.
The US ADP private sector payrolls data released yesterday showed an increase of 183 thousand in January, above the forecast of 148 thousand and the previous reading of 176 thousand.
The focus now shifts to Friday’s release of US employment sector data for last month.
The EURUSD forecast is neutral.
EURUSD technical analysis
On the H4 chart, the EURUSD pair could test 1.0371 and then 1.0351 as part of a corrective decline. If the price fails to break below both support levels, the market could resume buying, with the target at 1.0440.
Summary
The EURUSD pair has been rising since the beginning of the week but halted its growth on Thursday. Investors are awaiting crucial statistics. The forecast for today, 6 February 2025 does not rule out a corrective decline to the 1.0371 and 1.0351 levels for buying to resume later, aiming for 1.0440.
Source: Roboforex
