In the meantime, the 100-hour simple moving average had caught up with the rate and provided support.
Economic Calendar Analysis
This week, the main event will be the release of the US employment data on Friday at 13:30 GMT. The release will consists of the publication of the Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
The rate has moved from 21.7 to 50.1 pips on the employment release.
In addition, take into account the US ISM Services PMI survey results on Friday at 15:00 GMT. This event has caused EUR/USD moves from 6.6 to 32.2 base points.
Click on the link below to find out more about data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
If the 100-hour simple moving average manages to push the EUR/USD up, the rate could pass the 1.1360 level and aim at the 1.1380 level. The 1.1360 provided resistance on Wednesday. Meanwhile, the 1.1380 acted as resistance during the high volatility that was caused by the head of the Fed Jerome Powell.On the other hand, a decline of the rate below the 100-hour SMA might result in a decline to the weekly simple pivot point at 1.1282 and the 200-hour simple moving average near 1.1272. However, take into account that the pivot point did not impact the rate during the first part of this week's trading.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD has broken the channel down pattern. However, the pair found support in the 38.20% Fibonacci retracement level at 1.1200. Meanwhile, note that the continuation of the recovery of the rate could find additional resistance at the 1.1454 level, where the 50.00% Fibonacci retracement level is located at.Daily chart
Read More: Technical Analysis
Long sentiment decreases
On Wednesday, on the Swiss Foreign Exchange trader open positions were long, as 68% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 69% to sell the Euro against the USD.
On Thursday, the sentiment was 66% long and the orders were 59% to sell.