Economic Calendar Analysis
On Friday, note the US ISM Manufacturing PMI at 14:00 GMT.
Next week, watch out for the Wednesday's Federal Reserve's FOMC Meeting Minutes at 18:00 GMT.
On Thursday, the ADP Non-farm Employment Change might impact the markets through the value of the US Dollar.
On Friday, the United States are scheduled to release their monthly employment data at 12:30 GMT. Expect the data release to consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
EUR/USD hourly chart's review
A decline of the Euro against the US Dollar is set to look for support in the weekly S2 simple pivot point at 1.0405 and the 1.0400 mark, before approaching the support zone at 1.0382/1.0385. Further below, note the 1.0350 mark, the weekly S3 simple pivot point and the 2017 low level at 1.0340.Meanwhile, a potential recovery of the Euro against the US Dollar would face the 1.0485/1.0488 zone. Note that the pair has been mostly ignoring the weekly S1 simple pivot point at 1.0479 and the 50-hour simple moving average.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair is facing additional resistance in the form of the 50-day simple moving average near 1.0600. Higher above, note the upper trend line of the descending channel pattern, which has guided the rate down since the start of 2022.In regards to support, note the recent and historical low level zone at 1.0340/1.0400.
Daily chart
Read More: Technical Analysis
Traders are bullish
On the Swiss Foreign Exchange, on Friday, trader open positions were bullish, as 62% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to sell the Euro against the USD.
On Thursday, trader positions were 63% long and pending orders were 51% to sell.