At 07:30 GMT on Friday, the rate ended the sideways consolidation, as it surged to the 1.1820 mark. It was a signal that the rate could surge even higher.
Economic Calendar Analysis
Next week, on Tuesday, the US Durable Goods Orders and Core Durable Goods Orders will be released at 12:30 GMT. This event has caused moves on the EUR/USD from 7.6 to 18.3 base points.
On Thursday, at 12:30 GMT two events will be released that the financial media will talk about. However, recently both of them have not caused notable moves.
Namely, the US Advance GDP caused a move below ten pips on the EUR/USD in July. In the meantime, the weekly Unemployment Claims have been quite rarely creating a move above ten pips on the mentioned rate. Dukascopy Analytics uses the 10 pips in 10 minutes, as a criteria due to it being the normal volatility of the pair.
On the same day, at 12:45 GMT expect the European Central Bank to announce its Main Refinancing Rate, which has been a zero since March 10 of 2016. Despite that, the economic calendars show it.
What matters is not the rate, but the Monetary Policy Statement of the ECB that is published at the same time. The statement released in a pdf document includes an important number - the ECB Asset Purchase Facility or the sum of how much the ECB is buying up assets.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
As the EU PMIs were published on Friday morning, a fundamental move occurred, as the rate passed the resistance of the 100-hour simple moving average and was headed to the 55-hour SMA, which was located at 1.1838.In the case of the 55-hour SMA not stopping the rate's surge, the pair would aim first at the 1.1860 level and afterwards the weekly simple pivot point at 1.1884. In the case of these levels not providing resistance, the rate would aim at the pivot points above the 1.1940 mark.
On the other hand, the 55-hour SMA could force the rate into a retreat to the 1.1800 level, which is strengthened by the weekly R1 simple pivot point. If the 1.1800 mark does not keep the rate up, the monthly pivot point and the 200-hour SMA would provide support at 1.1782 and 1.1776.
Hourly Chart
On the daily candle chart, the rate has retraced back down to the 55-day simple moving average. However, the SMA did not provide major support, as it was pierced by the currency exchange rate.
Daily chart
Read More: Technical Analysis
Sentiment is unchanged
Since Thursday, on the Swiss Foreign Exchange trader open positions were bearish, as 59% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 58% to sell the pair.