Economic Calendar Analysis
On Thursday, at 12:30 GMT the weekly US Unemployment Claims might cause a minor USD move. The claims have moved the rate from 9.3 to 13.5 base points since September 16.
On Friday, starting from 07:15 GMT to 08:00 GMT the Manufacturing and Services Purchasing Managers Indices for France, Germany and the Eurozone are bound to be released. During this period, the Euro is highly likely to be volatile.
At 07:15 GMT, the French PMIs might cause a move from 6.4 to 15.1 pips. At 07:30 GMT, the German data might add to the prior move additionally from 9.7 to 17.8 base points. Afterwards, the common Euro Zone PMIs could create another move from 4.8 to 13.0 pips.
At 13:45 GMT, the week's notable events will end with the publication of the US Manufacturing and Services PMIs. The EUR/USD has moved has moved from 7.0 to 18.3 pips allegedly due to the release since May 21.
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
If the rate passes the support of the 1.1620/1.1625 zone, it could aim at the 1.1600 level before reaching the 200-hour SMA at 1.1588 and the weekly simple pivot point at 1.1584. In addition, take into account that the 1.1620/1.1625 zone is being strengthened by the 55 and 100-hour simple moving averages.However, a recovery of the EUR/USD might find resistance in the weekly R1 simple pivot point at 1.1644. Above the pivot point, the 1.1670 might once again act as resistance.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has recovered after booking a new low level. The recovery could encounter resistance in the 1.1700 mark, which might be strengthened by the 55-day simple moving average and a 61.80% Fibonacci retracement level.Daily chart
Read More: Technical Analysis
Sentiment is unchanged
Since Tuesday, on the Swiss Foreign Exchange trader open positions were bullish, as 53% of open position volume was in long positions.
Meanwhile, on Wednesday, trader set up pending orders in the 100-pip range around the pair were 54% to sell the Euro against the USD.
The orders were 75% to sell on Tuesday. It appears that they were cancelled.