Economic Calendar Analysis
On Friday, starting from 07:15 GMT to 08:00 GMT the Manufacturing and Services Purchasing Managers Indices for France, Germany and the Eurozone are bound to be released. During this period, the Euro is highly likely to be volatile.
At 07:15 GMT, the French PMIs might cause a move from 6.4 to 15.1 pips. At 07:30 GMT, the German data might add to the prior move additionally from 9.7 to 17.8 base points. Afterwards, the common Euro Zone PMIs could create another move from 4.8 to 13.0 pips.
At 13:45 GMT, the week's notable events will end with the publication of the US Manufacturing and Services PMIs. The EUR/USD has moved has moved from 7.0 to 18.3 pips allegedly due to the release since May 21.
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 rate surges, it would once again test the resistance of the 1.1670 level. A passing of the 1.1670 mark could result in the rate reaching the weekly R2 simple pivot point at 1.1685.On the other hand, a potential decline could look for support first in the 100-hour simple moving average near 1.1630. Afterwards, the zone of previous week's high levels and this week's low level might provide additional support at 1.1617/1.1625.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has recovered after booking a new low level. The recovery could encounter resistance in the 1.1700 mark, which might be strengthened by the 55-day simple moving average and a 61.80% Fibonacci retracement level.Daily chart
Read More: Technical Analysis
Sentiment is neutral
Since Tuesday, on the Swiss Foreign Exchange trader open positions were bullish, as 53% of open position volume was in long positions.
On Thursday, the situation slightly changed, as 52% of volume was long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 61% to sell the Euro against the USD.
The orders were 54% to sell on Wednesday.