The round level acted as resistance and by mid-Friday the pair was back below 0.9750. However, the pair appeared to be finding support in the 100-hour simple moving average near 0.9720.
Economic Calendar Analysis
On Friday, at 12:30 GMT, the US Retail Sales data could also impact the financial markets.
EUR/USD hourly chart
A move below 0.9720 could look for support in the 0.9670/0.9680 zone, the 0.9650 mark and the weekly S1 simple pivot point at 0.9643. However, these levels did not stop the Thursday's fundamental drop. Below these levels, take into account the 0.9600 level.On the other hand, a recovery of the Euro against the US Dollar might face resistance in the 0.9750 level, before approaching the 200-hour simple moving average and the 0.9800 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the surge eventually stopped at the upper trend line of the 2022 channel down pattern and the 50-day simple moving average near parity.During the first part of October trading, the pair was steadily declining and approaching previous low levels.
Daily chart
Read More: Technical Analysis
Traders stick to long positions
On Friday, on the Swiss Foreign Exchange, trader open positions were bullish, as 63% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 51% to sell the Euro against the USD.
On Thursday, the positions were 62% long. Meanwhile, pending orders were 64% to sell.