Economic Calendar Analysis
On Friday, at 12:30 GMT, the US employment data sets will be out. Namely, the Average Hourly Earnings change, the Non-Farm Employment Change and the monthly Unemployment Rate are bound to impact the value of the US Dollar.
The pair has reacted to the US employment data since May 2021 with moves from 26.9 to 75.1 base points.
Next week, most volatility could be caused by the US Consumer Price Index, Producer Price Index and Retail Sales data.
On Wednesday, the US Consumer Price Index and Core Consumer Price Index data will be published at 12:30 GMT. The event has caused moves from 24.7 to 51.9 base points.
Later on, on Wednesday, some new information could be found in the FOMC Meeting Minutes release at 18:00 GMT. Namely, hints at the future might be in the protocol of the Federal Reserve's policymaker meeting. The pair has moved from 3.2 to 44.7 pips due to the publication.
On Thursday, at 12:30 GMT the US Producer Price Index, Core Producer Price Index and the weekly US Unemployment Claims will be published.
The rate has moved from 8.6 to 19.4 pips on the PPI release. Meanwhile, the Unemployment Claims have created 8.8 to 13.5 base point moves.
On Friday, the US Retail Sales and Core Retail Sales at 12:30 GMT might impact the US Dollar's value.
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
If the EUR/USD passes the support of the weekly S1 simple pivot point, the rate might find support in the round exchange rate level of 1.1500. Below this level, the weekly S2 simple pivot point at 1.1464 might stop a larger decline.On the other hand, the currency exchange rate might pass the resistance of the 55-hour simple moving average. A passing of the SMA might find resistance in the 100-hour SMA at 1.1580. Above the 100-hour SMA, the 200-hour SMA and the 1.1600 level might act as resistance.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has passed the 2020 September and November low level at 1.1600. The rate has not been so low for more than a year. The last time the EUR/USD was below 1.1600 was in July 2020.In the case of the larger scale decline continuing, the pair could find support in the 50.00% Fibonacci retracement level at 1.1450. On the other hand, the pair is oversold, a potential recovery could find resistance in both the 1.1600 and 1.1700 levels.
Daily chart
Read More: Technical Analysis
Traders are long
Since Tuesday, on the Swiss Foreign Exchange trader open positions were bullish, as 57% of open position volume was in long positions.
On Thursday, traders were 59% long. By the middle of Friday's trading hours, the sentiment was 61% long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 65% to buy the Euro against the USD.