Economic Calendar Analysis
On Friday, at 12:30 GMT the rate could move due to the publication of the US Producers Price Index.
EUR/USD hourly chart's review In the near term future, the currency exchange rate could test the resistance of the weekly simple pivot point at the 1.1858 level. Above this level, the pair could test the July and August high level zone near 1.1900.
On the other hand, a decline of the rate would look for support in the 100 and 200-hour simple moving averages near 1.1840. Afterwards, the 55-hour SMA at 1.1825 might also provide support. Below the SMAs, the weekly S1 simple pivot point at 1.1806 could once again support the EUR/USD.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has bounced off the zone that surrounds the 1.1900 level. The 1.1900 has kept the rate down since the start of July.Most recently, the rate found support in the 55-day simple moving average at the 1.1815 level. A passing of the SMA would leave the rate with no additional support on the daily candle chart as low as the 1.1707 level, where a 61.80% Fibonacci retracement level is located at.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Thursday, on the Swiss Foreign Exchange trader open positions were neutral, as 50% of open position volume was in long and short positions.
On Friday, the sentiment was 51% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 59% to buy the currency exchange rate.