During the early hours of Friday's trading hours, the currency exchange rate was approaching the resistance of the 1.1600 level, which could be soon strengthened by the 55-hour simple moving average.
Economic Calendar Analysis
On Friday, at 14:00 GMT a notable move could be created by the US ISM Manufacturing PMI results. The rate has moved from 8.2 to 16.5 base points on the release since May 2021.
On Tuesday, the US ISM Services PMI at 14:00 GMT could impact the value of the US Dollar and all USD currency exchange rates. The event has moved the EUR/USD from 5.9 to 32.2 base points since May 2021.
On Wednesday, the ADP Non-Farm Employment Change at 12:15 GMT might cause USD volatility. The pair has moved from 9.8 up to 15.0 pips on the release since May 2021.
On Thursday, the weekly US Unemployment Claims at 12:30 GMT might cause a minor move in the USD. The EUR/USD has moved from 5.4 to 13.5 pips on the releases that occurred in September.
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.
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
In the case that the pair breaks the resistance of the 1.1600 level and the 55-hour simple moving average, additional resistance could be found in the weekly S3 simple pivot point at 1.1613. Higher above, the weekly S2 and the 100-hour simple moving average might serve as resistance at 1.1648.However, a potential decline of the pair would look for support in the 1.1563/1.1568 zone. Below the zone, there are no additional technical support levels. Note that the rate has not been this low since July 2020.
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 remain long
On Friday, on the Swiss Foreign Exchange trader open positions were bullish, as 67% of open position volume was in long positions.
On Thursday morning, the sentiment was 70% long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 66% to buy the currency exchange rate.