EUR/USD Maintains Bullish Momentum, Surpasses 1.0800

4 JulAs anticipated in our previous forecast, EUR/USD has continued its bullish momentum, climbing above the 1.0800 level.

Analyzing the chart, you can observe the areas where we have marked the closest supply zone, which we expect the price to reach before any potential decline.

Disappointing macroeconomic data releases from the US triggered a selloff of the US Dollar (USD) during American trading hours on Wednesday, aiding the EUR/USD's upward movement.

The ADP reported that private sector payrolls increased by 150,000 in June, missing analysts' estimate of 160,000. Additionally, the Department of Labor's weekly data showed 238,000 first-time applications for unemployment benefits, up from 233,000 the previous week.

Furthermore, the ISM Services PMI fell to 48.8 in June from 53.8 in May, indicating a contraction in the service sector's business activity. The Employment Index and the Prices Paid Index of the PMI survey also dropped to 46.1 and 56.3, respectively.

Looking ahead, tomorrow's release of USD Average Hourly Earnings m/m and Non-Farm Employment Change is expected to introduce further market volatility. Our forecast remains bullish until the price reaches the identified supply area.

✅ Please share your thoughts about EURUSD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.