Economic Calendar Analysis
This Friday, all attention will be on the US Core PCE Price Index release on Friday at 12:30 GMT.
Next week, the US ISM Manufacturing PMI could impact the markets via the US Dollar at 14:00 GMT.
On Tuesday, the US JOLTS Job Opening might cause a USD move at 14:00 GMT.
On Wednesday, watch out for the ADP Non-Farm Employment Change at 12:15 GMT and the US ISM Services PMI at 14:00 GMT.
On Thursday, minor action is expected from the US Unemployment Claims.
On Friday, the top event of the week will take place. The United States will publish the monthly employment data at 12:30 GMT. The release will consist of the Average Hourly Earnings, Non-farm Employment Change and the Unemployment Rate.
EUR/USD hourly chart
A move above 1.0620 is expected to face the resistance of the upper trend line of the channel down pattern. In the case of the trend line failing to keep the EUR/USD down, the rate could reach for the weekly simple pivot point at 1.0665.However, in the case of a resumption of the broader decline, the pair is set to look for support in the 1.0600 mark, the weekly S1 at 1.0592, the 100-hour SMA near 1.0565. If all of these levels fail to act as support, the combination of the weekly S2 simple pivot point at 1.0543, the 50-hour simple moving average and the 1.0550 mark could stop a decline.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the decline continues in a large scale channel down pattern. Most recently the support line of the pattern held and caused the recent retracement.Daily chart
Read More: Technical Analysis
Traders are bullish
On Friday, the Swiss Foreign Exchange traders were 66% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 64% to sell the Euro against the US Dollar.
On Thursday, the positions were 70% long and orders were 72% to sell.