The future scenarios are based on what would happen at this level.
Economic Calendar Analysis
The current week will end on Friday with the top event, as the US Employment data is set to be released at 13:30 GMT. The event will consist of three data sets being released. Combined they have caused moves from 15.8 to 45.7 pips on the EUR/USD charts.
Next Monday, at 15:00 GMT, minor USD moves could be created by the publication of the US ISM Non-Manufacturing Purchasing Managers Indice. The EUR/USD has moved from 8.3 to 16.9 during the last half year.
On Wednesday, at 1900 GMT, the US Federal Open Markets Committee is set to publish its Meeting Minutes. The EUR/USD had the initial reaction of 3.2 to 23.2 base points.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
In the case of the 1.1800 mark holding, as it did in mid-March, the pair would reach for the resistance of the weekly simple pivot point at the 1.1835 level. However, note that the 1.1800 is also strengthened by the 200-hour simple moving average.On the other hand, if the 1.1800 holds, the rate could retrace back down to the 1.1760 zone and the 55 and 100-hour simple moving averages.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has passed the support trend line, which connects the February and March low levels and the December 21 low level. This trend line has provided support to the rate throughout 2021.Next support on the daily candle chart was the 38.20% Fibonacci retracement level at 1.1688.
Daily chart
Read More: Technical Analysis
Traders set up trade orders
On Thursday, on the Swiss Foreign Exchange trader open positions were bullish, as 63% of open position volume was in long positions.
On Wednesday, the long sentiment was at 64%.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 66% to sell the pair. Previously, the orders were 51% to buy.