Economic Calendar Analysis
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 the 100-hour moving average could encounter resistance first in the 200-hour SMA near 1.0550, before the pair approaches the weekly simple pivot point at 1.0571 or the upper trend line of the channel down pattern.However, a resumption of the broader decline is expected to look for support in the 1.0500 mark and the combination of the 50-hour simple moving average and the weekly S1 simple pivot point at 1.0486. Further below, the 1.0450 level could once again act as support.
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 has continued to hold and cause retracements back up.Daily chart
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Traders are bullish
On Tuesday, the Swiss Foreign Exchange traders were 69% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 69% to buy the Euro against the US Dollar.
On Wednesday, positions were 68% long and orders were 51% to sell.