In the meantime, take into account that the Economic Calendar Analysis has been updated for the next week.
Economic Calendar Analysis
The first week of the month is upcoming. It is set to reveal monthly data sets, which are expected to cause notable currency rate adjustments.
On Tuesday, at 14:00 GMT the US ISM Manufacturing PMI is set to be published. This event has caused moves on the EUR/USD from 7.0 to 23.8 pips. Note that the largest moves were the most recent ones.
At 12:15 on Wednesday, the ADP Non-Farm Payrolls could cause a move from 5.5 to 17.7 pips. Dukascopy Analytics usually ignore this event because prior to August the range was 5.5 to 8.4 pips. The early August release caused a 17.7 pip move.
On Thursday, watch the economic calendar two times during the day. At 12:30 the weekly US Unemployment Claims are set to be released. At 14:00 GMT, the US ISM Non-Manufacturing PMI results will be published. A EUR/USD move from 8.9 to 26.5 pips is possible.
On Friday, both Canada and the US are set to release their monthly employment data at 12:30 GMT. Depending on the currencies that one trades, one needs to look at different data tables, as reactions to the event vary.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Friday morning, the EUR/USD was testing the resistance of the 1.1900 level. Note that this level stopped the sudden increase of volatility, which occurred on Thursday. In the near term future, the pair had two scenarios.In the case of the rate bouncing off the 1.1900 level, it should look for support in the technical levels near 1.1840. Namely, the weekly simple pivot point and the 200-hour simple moving average would provide support. In addition, the 55 and 100-hour SMAs were located at 1.1825 and 1.1820.
On the other hand, if the 1.1900 fails to keep the rate down, the EUR/USD would first test the resistance of the pivot point at 1.1924 and afterwards the high level of 1.1960.
Hourly Chart
On the daily candle chart, the pair is consolidating in the borders of a channel up pattern.
Take into account the strong cluster of support levels near 1.1710. Namely, the rate could meet at that level the weekly S1, 38.20% Fibonacci retracement level and the lower trend line of the channel pattern.
Daily chart
Read More: Technical Analysis
Traders remain short
On Friday, on the Swiss Foreign Exchange 69% of all EUR/USD open position volume was in short positions.
On Thursday morning, the sentiment was 65% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were set to sell in 55% of all cases.
Previously, the orders were 54% to buy.