On Wednesday, the EUR/USD currency pair reversed north from the support level - the weekly R1 at 1.1120.
In general, the pair could continue to consolidate in the 1.1120/1.1200 area .
US ISM Non-Manufacturing PMI
The Euro depreciated against the US Dollar, following the US ISM Non-Manufacturing PMI survey results release on Wednesday at 15:00 GMT. The EUR/USD exchange currency rate lost 21 pips or 0.19% after the release. The Euro continued trading at the 1.1110 level against the Greenback after the release.
The Institute for Supply Management (ISM) released the US ISM Non-Manufacturing PMI survey results, which came out better-than-expected of 57.3 compared with the forecast of 54.9.
Anthony Nieves, Chair of the Institute for ISM Non-Manufacturing Business Survey Committee: "According to the NMI, 16 non-manufacturing industries reported growth. The non-manufacturing sector reflected continued growth in February. Most respondents are concerned about the coronavirus and its supply chain impact. They also continue to have difficulty with labor resources. They do remain positive about business conditions and the overall economy."
Economic Calendar Analysis
On Friday, the US employment data will be released at 13:30 GMT. The event has caused moves from 15.5 to 41.4 pips since October.
This event consists of three data sets – the Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings.
Meanwhile, the week's data is available. Click on the link below to see the historical data tables with the reactions to various events.
EUR/USD hourly chart's review
On Wednesday, the EUR/USD currency pair consolidated in the 1.1150 area. During today's morning, the pair maintained its consolidation.It is likely that the exchange rate could gain support from the 55-hour SMA near 1.1145 and trade upwards in the short term. In this case the rate could target the monthly R2 at 1.1285.
However, note that the currency pair would have to surpass the resistance level formed by the Fibo 38.20% and the weekly R1 at 1.1200. If the given level holds, it is likely that the Euro could consolidate against the Greenback.
Hourly Chart
On the daily candle chart, the rate has reached above the resistance of the daily simple moving averages. Moreover, the SMAs began to support the rate on Monday.
Daily chart
By the middle of Thursday's trading, the sentiment was 73% short.
Meanwhile, set up pending orders were bearish, as 66% of orders in the 100-pip range were to sell and 34% were to buy.