Economic Calendar Analysis
On Thursday, the US Unemployment Claims could cause a move from 5.9 to 28.8 pips.
EUR/USD hourly chart's review All things being equal, the EUR/USD exchange rate could continue to drop within the following trading session. The possible target for sellers will be near the 1.1659 level.
However, the weekly support level at 1.1670 could provide support for the currency exchange rate within this session.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD currency pair breached a support line formed by the 61.80% Fibonacci retracement level at the 1.1700 area.The exchange rate appears to be heading to the November low level of 1.1600. In the meantime, currency exchange rate could consolidate around the 61.80% Fibonacci retracement level in the shorter term.
Daily chart
Read More: Technical Analysis
Traders are bullish
On Wednesday, on the Swiss Foreign Exchange trader open positions were long, as 67% of open position volume was in long positions.
On Thursday, 63% of the volume was bullish.
On Thursday, traders set up pending orders in the 100-pip range around the pair was 67% to buy the currency exchange rate.