Economic Calendar Analysis
This week, notable events are over. Due to this reason, the current momentum might remain intact.
EUR/USD hourly chart
In the case of a proper move below 1.0700 the EUR/USD would be looking for support in the weekly S2 at 1.0656, before the rate reaches 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 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
Read More: Technical Analysis
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.
On Friday, positions were 69% long and orders were 55% to buy.