The surge of the EUR/USD managed to break a resistance cluster near 1.1270 on Thursday morning.
Due to the breaking of the resistance level the currency exchange had no technical resistance as high as the monthly pivot point at 1.1316.
Although, note that the 1.1280 psychological round number was providing enough resistance to stop the surge during the morning hours of Thursday's London trading.
The European Common Currency depreciated against the US Dollar, following the US Employment data set release on Friday at 12:30 GMT. The EUR/USD exchange currency rate lost 22 pips or 0.20% right after the release. The Euro continued trading at 1.1235 the level against the Greenback.
Bureau of Labor Statistics released the US ISM Non-Farm Employment Change data, which came out better-than-expected of 244K compared with the forecast of 162K.
According to the official release: "Notable job gains occurred in professional and business services, in health care, and in transportation and warehousing."
US data at the end of the week
This week the data that will impact the EUR/USD will come from the US.
On Thursday, the US CPI and Core CPI data will be published at 12:30 GMT. The data release has caused moves from 13.3 to 28.1 pips since February.
On Friday, the US Producers Price Index will be released at 12:30 GMT. The event has caused moves from 5.3 to 40.4 pips. Although, note that the 40.4 pip move was actually caused by other announcements being made at the same time as the PPI was published.
For more information watch this week's Economic Calendar Analysis
EUR/USD hourly chart's review
The EUR/USD broke the resistance of the upper trend line of a descending channel pattern, the 200-hour simple moving average and the weekly pivot point below the 1.1270 level.Due to that reason the rate has no technical resistance as high as the monthly pivot point at 1.1316. In general, the rate should surge up to this level.
On the other hand sideways trading might occur, as the rate was being kept down on Thursday morning by the psychological resistance of the 1.1280 level.
Hourly Chart
On the daily candle chart, the pair has broken the support of the ascending channel pattern. The move occurred due to the pattern already ending its work, as both trend lines of the pattern had changed the direction of the rate three times.
In the meantime, an additional pattern was added. The broken channel is junior to the most recently added one.
In accordance with the current patterns, the rate should decline down to the 1.1170 level, where the lower trend line of the added pattern is located at.
Daily chart
On the Swiss Foreign Exchange on Thursday 72% of trader open EUR/USD position volume was in short positions.
Meanwhile, today, trader set up pending orders in 100-pip range around the pair were almost neutral, as 53% of all orders were set to buy and 47% were to sell. On Wednesday the proportion was the other way around.