On Friday morning, the EUR/USD traded near the 1.0240 level and appeared to be consolidating in the aftermath of the previous surge.
Economic Calendar Analysis
On Friday, one of the top events of the month will take place. At 12:30 GMT, the US employment data sets are scheduled to be released. The release will consist of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
EUR/USD hourly chart
An appreciation of the Euro against the US Dollar might encounter resistance in the weekly R1 simple pivot point at 1.0290 and the 1.0300 mark. Higher above, take into account the 1.0350 level and the weekly R2 simple pivot point at 1.0354.In the case of a decline of the currency pair, the rate might look for support in the 50, 100 and 200-hour simple moving averages, the weekly simple pivot point and the 1.0200 mark, which are all spread out in the 1.0193/1.0210 range. Below this range, the 1.0160 level could slow down a decline, prior to the rate reaching the Wednesday's low at 1.0125.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the currency exchange no longer appears to be heading to the 1.0350/1.0400 zone. Instead, the rebound from the 1.0000 mark has resulted in a sideways consolidation around the 1.0200 mark.Daily chart
Read More: Technical Analysis
Long sentiment drops
On Friday, on the Swiss Foreign Exchange, trader open positions were bullish, as 55% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 56% to buy the Euro against the USD.
On Thursday, traders were 64% long and orders were 52% to sell. It could be concluded that traders had taken profit during the move above 1.0200.