In the near term future, the recovery of the EUR/USD could reach the 1.1700 level.
Economic Calendar Analysis
On Wednesday, at 12:15 GMT the ADP Non-Farm Employment Change data release could cause a move. For example, the EUR/USD has moved from 5.5 to 24.8 pips on the announcement.
On the same day, at 12:30 GMT the US are publishing Final GDP data. This once per quarter event has caused moves from 5.2 to 31.9 pips.
The 31.9 pip move was an anomaly caused by the coronavirus in March. If one excludes it, the range of moves is 5.2 to 12.8 pips.
On Thursday, as always the US Unemployment Claims at 12:30 GMT might cause a minor move of around ten pips.
The week will end with a monthly data release. The US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate are scheduled for 12:30 GMT. The event has caused moves from 19.4 to 51.8 pips on the EUR/USD charts.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
As the rate has passed the resistance of the 55-hour simple moving average, it is expected to surge. Namely, the pair could reach for the 1.1700 level. This round exchange rate level is strengthened by a 61.80% Fibonacci retracement at 1.1707 and the 100-hour simple moving average at 1.1709.On the other hand, it was spotted that the 1.1680 level was providing resistance. This level provided support and resistance on September 23, and served as resistance on Thursday, September 24. This level could cause a decline, which would once again reach for the 1.1640 mark.
Hourly Chart
On the daily candle chart, the rate has two additional close by technical levels. Namely, the 55-day simple moving averages was left above the rate near the 1.1750 level. In the meantime, the 100-day SMA was at 1.1480.
Daily chart
Read More: Technical Analysis
Traders remain neutral
Since Wednesday, on the Swiss Foreign Exchange trader open position volume was balanced.
Namely, 50% of all volume was in short positions and the other 50% was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were also neutral. On Friday, 51% of orders were to sell.
On Thursday, the orders were 61% to buy.