Economic Calendar Analysis
Next week, on Tuesday, the EUR/USD currency exchange rate could be impacted by the 15:00 GMT publication of the US ISM Manufacturing PMI. The pair has moved from 9.1 to 40.0 pips on the release since July.
On Wednesday and Thursday, the markets are unlikely going to be impacted by macroeconomic data releases. On those days the ADP Non-Farm Employment Change, US Unemployment Claims and the US ISM Non-Manufacturing PMI are set to be published. All of these releases have not caused increases of USD volatility despite being discussed by the financial media.
On Friday, the US will publish monthly employment data. Namely, the Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings. The EUR/USD has moved from 15.7 to 28.9 pips on the announcement.
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
The common European currency has found support in the 55-hour simple moving average, which has been pushing the pair up since the afternoon of Thursday. In the meantime, the pair faces the resistance of the weekly pivot point at 1.1935.In the case of the rate passing the resistance of the pivot point, the rate would aim the technical resistance at 1.1978.
On the other hand, if the 55-hour SMA fails to push the rate up, the EUR/USD could decline to the technical support levels near 1.1900.
Hourly Chart
On the daily candle chart, the EUR/USD has reached the upper trend line of the large scale channel down pattern.
Meanwhile, the 1.1920 level, which provided resistance in early November, has been pierced.
Daily chart
Read More: Technical Analysis
Traders remain short
On Friday, on the Swiss Foreign Exchange trader open positions were bearish, as 61% of open position volume was in short positions.
On Thursday, the sentiment was 60% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 63% to sell the pair.