Economic Calendar Analysis
This week, notable events are over. Due to this reason, the current momentum might remain intact.
EUR/USD hourly chart
A move below 1.0700 could result in the EUR/USD looking for support in the weekly S2 at 1.0656, before the rate reaches the combination of the channel down pattern's lower trend line and the 1.0600 mark.On the other hand, a sudden strengthening of the Euro against the US Dollar would face resistance in the combined resistance of the 50-hour simple moving average, the upper trend line of the channel pattern and the weekly S1 simple pivot point at 1.0714. Higher above, note the 1.0766/1.0771 range and the 100-hour simple moving average.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, note the end of May and early June low level zone near 1.0650. This zone could once again stop a broad decline and force the rate into a surge as high as 1.1300.Daily chart
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Traders are bullish
On Thursday, the Swiss Foreign Exchange traders were 68% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 51% to sell the Euro against the US Dollar.