Economic Calendar Analysis
On Friday, at 07:30 GMT, the German Flash Manufacturing and Services PMIs are most likely going to cause Euro moves.
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EUR/USD hourly chart's review
If the Euro continues to decline against the US Dollar, the pair might look for support in the Tuesdays high level zone at 1.0865. Afterwards, the combination of the 50 and 200-hour simple moving averages and the weekly simple pivot point near 1.0830. Further below, note the 100-hour simple moving average near 1.0815.On the other hand, a recovery of the pair might find resistance in the 1.0900 mark and the weekly R1 simple pivot point at 1.0907, before approaching the 1.0920/1.0938 zone.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has passed below the March low level at 1.0810. This passing might result in the rate reaching the lower trend line of the large scale channel down pattern near 1.0750.Daily chart
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Traders are long
On Wednesday, on the Swiss Foreign Exchange trader open positions were long, as 73% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 59% to sell the Euro against the USD.
On Thursday, 71% of volume was long. Pending orders were 54% to sell.