On Wednesday morning, the currency exchange rate traded in limbo near the 1.1740 level.
Economic Calendar Analysis
On Wednesday, at 12:15 GMT the ADP Non-Farm Employment Change data release could cause a move. For example, the EUR/USD has moved from 5.5 to 24.8 pips on the announcement.
On the same day, at 12:30 GMT the US are publishing Final GDP data. This once per quarter event has caused moves from 5.2 to 31.9 pips.
The 31.9 pip move was an anomaly caused by the coronavirus in March. If one excludes it, the range of moves is 5.2 to 12.8 pips.
On Thursday, as always the US Unemployment Claims at 12:30 GMT might cause a minor move of around ten pips.
The week will end with a monthly data release. The US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate are scheduled for 12:30 GMT. The event has caused moves from 19.4 to 51.8 pips on the EUR/USD charts.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
In the near term future, the currency exchange rate was expected to trade sideways until it would be approached by the support of the 55 and 100-hour simple moving averages. The SMA's were expected to push the rate into the resistance of the monthly pivot point at 1.1767 and afterwards the weekly R1 at 1.1800.On the other hand, the rate could look for additional support by declining to the technical support levels at 1.1700. At that level, the weekly simple pivot point, a 61.80% Fibonacci retracement level and the 200-hour simple moving average could provide support.
Hourly Chart
On the daily candle chart, the rate has reached the resistance of the 55-day simple moving average, which on Wednesday was strengthening the resistance of the monthly S1 simple pivot point near 1.1770.
Daily chart
Read More: Technical Analysis
Traders remain neutral
On Wednesday, on the Swiss Foreign Exchange trader open position volume was neutral, as 52% of open position volume was short.
On Tuesday, the sentiment was 51% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 67% to sell the pair.
Previously, the orders were 63% to sell.