The EUR/USD reached the targeted weekly S1 pivot point that is located at the 1.1112 level. The rate managed to pierce this level before starting to trade sideways.
In general, the EUR/USD was expected to continue its decline, as soon as the consolidating sideways trading ends. US ISM Non-Manufacturing PMI
The European Common Currency traded sideways against the US Dollar, following the US ISM Non-Manufacturing PMI survey results release on Tuesday at 15:00 GMT. The EUR/USD exchange currency rate lost 7 pips or 0.06% right after the release. The Euro continued trading at the 1.1148 level against the Greenback.
The Institute for Supply Management (ISM) released the US ISM Non-Manufacturing survey results data, which came out better-than-expected of 55.0 compared with the forecast of 54.5.
The Chair of the Institute for Supply Management (ISM) Non-Manufacturing Business Survey Committee Anthony Nieves commented: "According to the NMI, 11 non-manufacturing industries reported growth. The non-manufacturing sector had an uptick in growth in December. The respondents are positive about the potential resolution on tariffs. Capacity constraints have eased a bit; however, respondents continue to have difficulty with labor resources."
Economic Calendar Analysis
The week will end with the three US employment data sets being published at 13:30 GMT. Since August 2019, the EUR/USD has moved from 14.5 to 41.4 pips on the release.Meanwhile, next week's scheduled event historical data tables have been published. Click on the link below to read the article.
EUR/USD hourly chart's review
On Thursday London Morning, the EUR/USD reached the 1.1100 level, which provided psychological support.In general, the rate was expected to pass this support and aim at the technical support levels above the 1.1060 level. Near that level, at 1.1062 the weekly S2 simple pivot point is located at, and at 1.1066 the monthly S1 pivot point provides support.
To start the decline, the pair needs additional technical resistance, which should be provided by the approaching 55-hour simple moving average.
Hourly Chart
As previously speculated, on the daily candle chart, the pair has reached the support of the 55-day simple moving average at 1.1097.
This technical indicator is strengthening the support of the 1.1100 level.
Daily chart
On Thursday, 67% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, set up pending orders were set to sell, as 57% of orders in the 100-pip range were to sell and 43% were to buy.
Previously, 73% of orders were to sell.