Economic Calendar Analysis
On Friday, all Euro pairs are set to be impacted by the monthly release of the Markit Purchasing Managers Indices. Starting from 07:15 GMT up to 08:00 GMT the French, German and Euro Zone PMIs are set to be released. The combined release of all the data had caused moves of up to 60 pips.
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 near term future, the rate was expected to once again test the resistance of the 1.2080 level and the weekly R2 simple pivot point at 1.2075.If the pair manages to pass these levels, the pair would most likely encounter resistance in the 1.2100 mark and afterwards the weekly R3 simple pivot point at 1.2156.
On the other hand, a hold out of the 1.2080 level would result in the rate's testing of the combined support of the 55 and 100-hour simple moving average and the weekly R1 simple pivot point near 1.2030. A failure of these levels could result in a decline to the support cluster near 1.2000.
Hourly Chart
EUR/USD daily chart's review
Since Wednesday, the rate is holding at 1.2010 after piercing the resistance of the 100-day simple moving average on Tuesday.Note the support of the 23.60% Fibonacci retracement level at 1.2006, the 55-day simple moving average at 1.1967 and the 200-day SMA at 1.1920.
Daily chart
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Traders set up buy orders
Since Monday, on the Swiss Foreign Exchange trader open positions were short, as 59% of open position volume was in short positions.
On Thursday, trader set up pending orders in the 100-pip range around the pair were 59% to buy the pair. Previously, the orders were 64% to buy.