On the technical charts the event occurred as a test and afterwards breaking of the 0.9750 level's resistance. By the end of Thursday's trading, the pair had reached the 0.9850 level, which provided resistance.
Economic Calendar Analysis
On Friday, at 12:30 GMT the Core Personal Consumption Expenditure Price Index is bound to make an impact, as the head of the Federal Reserve Jerome Powell revealed last week that he is watching this index as a measure for inflation not the Consumer Price Index.
EUR/USD hourly chart
A decline of the Euro against the US Dollar might find support in the combination of the 0.9750 level and the 50 and 200-hour simple moving averages. Further below, note that the 0.9700 and 0.9650 levels and the 100-hour simple moving average might act as support, before September low levels would be reached.Meanwhile, a surge of the pair would have to break the 0.9850 level, before testing the 0.9865/0.9875 zone, the 0.9900 level and the weekly R1 simple pivot point at 0.9937.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD has approached the lower trend line of the 2022 channel down pattern below the 0.9600 level. The trend line has held and caused a recovery.Meanwhile, it was spotted that the recovery encountered resistance in the August and early September low level zone at 0.9860/0.9900.
Daily chart
Read More: Technical Analysis
Traders sell EUR/USD
On Thursday, on the Swiss Foreign Exchange, trader open positions were bullish, as 71% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to sell the Euro against the USD.
On Friday, traders were 65% long and pending orders were 52% to sell. It could be assumed that selling had been going on.