In the near term future, the rate was expected to get squeezed into the 1.1763 level by the declining 55-hour SMA.
Economic Calendar Analysis
On Wednesday, at 13:15 GMT, the US ADP Non-Farm Employment Change is set to be released. This event has caused EUR/USD moves from 4.3 to 15.7 pips since November.
On the same day, at 15:00 GMT the US ISM Manufacturing PMI is set to be scheduled. The rate has moved from 9.1 to 16.0 pips on the announcement.
The week will end on Friday with the top event, as the US Employment data is set to be released at 13:30 GMT. The event will consist of three data sets being released. Combined they have caused moves from 15.8 to 45.7 pips on the EUR/USD charts.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
If the 1.1763 level fails to provide support and would be passed, the rate could reach for the weekly S1 simple pivot point at 1.1722. Afterwards, the 1.1700 mark might be reached, if the pivot point does not provide support.On the other hand, if the resistance of the SMA fails, a potential surge could be stopped by the 1.1800 level. In the case of the 1.1800 mark not providing resistance, the EUR/USD would most likely reach the 100-hour SMA near 1.1810.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has passed the support of the 1.1900 level and the 200-day simple moving average at 1.1860.Initially it appeared that the rate has no technical support on the chart as low as the 38.20% Fibonacci retracement level at 1.1688. However, afterwards it was spotted that the rate has been declining in 2021 guided by a descending trend line, which connects the February and March low levels and the December 21 low level.
Since Friday, the rate tested this trend lines support. Namely, it had reached it on Thursday and the recent recovery appeared to be an initial bounce off from the technical level.
Daily chart
Read More: Technical Analysis
Traders are long
Since Thursday, on the Swiss Foreign Exchange trader open positions were bullish, as 59% of open position volume was in long positions.
On Monday, the long sentiment had increased to 61%.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 54% to buy the pair.
Previously, the orders were 58% to buy.