On Friday, the EUR/USD broke the resistance of the 1.1000 level and sharply surged. By 10:00 GMT, the currency exchange rate had touched the 1.1050 level.
The rate was expected to next reach for the resistance of the 1.1100 level, where a monthly pivot point was located at.
Economic Calendar Analysis
Next week, already on Monday, a data release could cause a notable move on the EUR/USD charts.
The US ISM Manufacturing PMI is scheduled to be published at 15:00 GMT. This event has caused moves from 14.1 to 37.2 pips since October.
Some might consider watching the ADP Non-Farm Employment Change on Wednesday at 13:15 GMT. This event has mostly caused moves below ten pips. The exception was the 15.4 pip move in December.
On Wednesday, at 15:00 GMT the US ISM Non-Manufacturing PMI is set to be published. Last year, this event caused moves from 26.0 to 36.5 pips. This year, there were two moves of 7.9 and 9.1 pips.
On Friday, the US employment data will be released at 13:30 GMT. The event has caused moves from 15.5 to 41.4 pips since October.
This event consists of three data sets – the Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings.
Meanwhile, next week's data is available. Click on the link below to see the historical data tables with the reactions to various events.
Read More: 02.03-06.03 Event Historical Reactions
EUR/USD hourly chart's review
By the middle of Friday's GMT trading hours, the EUR/USD exchange rate was testing the resistance of the 1.1050 level.If the 1.1050 fails to keep the rate down, the pair would next aim at the 1.1100 level, which would provide psychological resistance. In addition, a monthly pivot point is located at 1.1104.
On the other hand, the rate might trade sideways or retrace back down until the hourly simple moving averages catch up with it, as the pair is slightly overbought.
Hourly Chart
On the daily candle chart, the rate has reached the resistance of the daily simple moving averages. Namely, the 100-day SMA stopped the surge. In addition, the rate has removed the oversold pressure that was present on the larger scale.
Meanwhile, take into account that the monthly pivot point at 1.1100 is being strengthened by the 200-day SMA.
Daily chart
Read More: Technical Analysis
Traders short the pair
On Friday, the traders of the Swiss Foreign Exchange were short on EUR/USD, as 63% of all open position volume was in short positions.
On Thursday, 60% of volume was in short positions.
Meanwhile, set up pending orders were set to sell, as 82% of orders in the 100-pip range were to sell and 18% were to buy.
On Thursday, 68% of orders were to sell and 32% were to buy.