Economic Calendar Analysis
On Friday, the Canadian Employment Change and unemployment rate at 12:30 GMT could cause a minor move the pair and commodity price charts.
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
The exchange rate is currently trading near the upper boundary of a descending channel pattern and could be set for a breakout.If the breakout occurs, a surge towards the 1.1920 area could be expected within this session.
However, if the channel pattern holds, sellers could target the weekly support level at 1.1801 during the following trading session.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has breached the support zone that surrounds the 1.1850 mark. In theory, the March low level near 1.1700 could be reached during the following trading sessions.However, a potential recovery would have no technical resistance as high as the 1.2000 level, where a 23.60% Fibonacci retracement level is located together with the 100 and 200-day simple moving averages.
Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
On Thursday, on the Swiss Foreign Exchange traders, open positions were long, as 64% of open position volume was in long positions.
On Friday, the open position volume was 59% long.
On Friday, traders set up pending orders in the 100-pip range around the pair were 43% to sell the pair and 57% buy the EUR/USD currency exchange rate.