Economic Calendar Analysis
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
If the EUR/USD passes the support of the 1.1563/1.1568 zone, the weekly S1 simple pivot point at 1.1532 could be reached. However, take into account that the 1.1550 mark might serve as a support level.On the other hand, a recovery from the 1.1563/1.1568 zone might encounter resistance at 1.1600. The 55 and 100-hour simple moving averages are located near the 1.1600 level and could strengthen its resistance. Above the 1.1600 mark, the weekly simple pivot point at 1.1631 would likely provide resistance.
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 are long
Since Tuesday, on the Swiss Foreign Exchange trader open positions were bullish, as 57% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 71% to buy the currency exchange rate.