In regards to the near term future, the pair was expected to reach for the weekly S2 simple pivot point at 1.0715. The main reason for such assumption was not only the passing of the 1.0760, but also the 1.0750 mark.
Economic Calendar Analysis
Today, a notable reaction of above then pips could be created by the US Durable Goods orders.
In regards to next week, the week is set to start with the US Advance GDP on Wednesday at 12:30 GMT. This is the first of three types of US quarterly GDPs. The Advance release reveals the first Gross Domestic Product numbers about a quarter. The following Preliminary and Final GDPs usually reveal slight adjustments. In general, the data will reveal the first impact of the coronavirus on the US economy.
Afterwards, at 18:00 GMT, the Federal Reserve is bound to make a rate statement, which is bound to react to the ongoing economic decline. Take into account that the Federal Reserve Rate announcement and FOMC Statement are set to be followed by a Press Conference at 18:30 GMT.
The FOMC is set to be followed by the European Central Bank on Thursday, at 11:45 GMT. The ECB is set to make a rate publication and release its Monetary Policy Statement.
In addition, note the Canadian GDP and US Unemployment Claims on Thursday at 12:30 GMT. Moreover, the US ISM Manufacturing PMI is scheduled to be published on Friday at 14:00 GMT.
27.04-01.05 Event Historical Reactions
EUR/USD hourly chart's review
On Friday morning, the rate passed the support of the 1.0750 level and reached the 1.0740 mark. The EUR/USD was heading to the support of the weekly S2 simple pivot point at 1.0715.If the S2 holds, the rate could trade sideways until it is approached by the resistance of the 55 and 100-hour simple moving averages.
On the other hand, the S2 could fail. In this scenario the rate would next aim at the support cluster of technical resistances near 1.0615.
Hourly Chart
On the daily candle chart, the rate passed the 1.0780 level, which provided the pair with support in February and early April.
In the meantime, take into account that before reaching the cluster of support levels near 1.0615 the rate is bound to test the low level of March at 1.0650.
Daily chart
Read More: Technical Analysis
Traders continue to gain
Since the start of the previous week a majority of open EUR/USD position volume on the Swiss Foreign Exchange has been in short positions.
On Friday, 71% of open volume was being held by bears.
In general, as the rate has been declining since April 16, it is assumed that they have gained profits during this time.