On Thursday, the rate had retreated and traded sideways, as previous gains were being consolidated.
Economic Calendar Analysis
The top day for fundamental event watchers will be Friday. On Friday, at 12:30 GMT the US will release the country's monthly employment data. Later on, at 14:00 GMT, the US ISM Services Purchasing Managers Index is set to be out.
Most impact is expected from the US employment data release. The release will consist of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
EUR/USD hourly chart's review In the case that the pair resumes its surge, the EUR/USD would aim at the resistance of the weekly R2 simple pivot point at 1.1875. In the meantime note the upper trend line of the channel up pattern. Note that a surge could be caused by the support of the 55 and 100-hour simple moving averages.
On the other hand, a possible decline of the pair could look for support in the mentioned SMAs near 1.1825 and 1.1810. Below the SMAs, the 1.1800 level and the zone surrounding it could provide support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has pierced the resistance of the 55-day simple moving average, which was providing resistance at 1.1825. Above the 55-day SMA, the most close by technical resistance level on the daily candle chart was the July and August high level zone that surrounds the 1.1900 mark.Daily chart
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Long sentiment declines
On Wednesday, on the Swiss Foreign Exchange trader open positions were long, as 56% of open position volume was in long positions.
On Tuesday, 61% of volume was bullish. The orders had decreased by 5%.
By the middle of Thursday's trading, the sentiment was already 52% long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 73% to sell the currency exchange rate.
The orders were 74% to sell on Tuesday.