Economic Calendar Analysis
On Monday, the US ISM Manufacturing PMI will be published at 14:00 GMT. The rate has moved from 8.2 to 20.3 pips on the release since June 2021.
On Wednesday, at 12:15 GMT the US ADP Non-Farm Employment Change could cause a minor USD move. The EUR/USD has reacted to the event with moves from 8.4 to 15.0 pips.
Later on, at 14:00 GMT the US ISM Non-Manufacturing PMI will be out. During the event, the pair has moved from 6.6 to 32.2 pips.
Wednesday will end with the US Federal Open Markets Committee Statement and Federal Funds Rate publication at 18:00 GMT. The EUR/USD has moved from 29.1 to 67.1 base points during the time of the publication.
On Thursday, at 12:30 GMT, the US Unemployment Claims on Thursday might cause a minor USD move. The rate has moved 7.6 to 16.7 pips, as the Claims are released.
On Friday, US statisticians will publish their monthly employment data sets at 12:30 GMT. The event has moved EUR/USD from 21.7 to 50.1 pips since June 2021.
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 continues to decline, it might look for support in the combination of the 55 and 200-hour simple moving averages and the weekly simple pivot point at 1.1630. Below this level, the 1.1618/1.1625 zone and the 100-hour SMA could provide support.Meanwhile, a potential recovery might aim at the resistance of the 1.1687 level, where the weekly R1 simple pivot point was located at. Above the pivot point, the 1.1700 mark might serve as a resistance level.
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
On Thursday, on the Swiss Foreign Exchange trader open positions were neutral, as 52% of open position volume was in long positions.
On Friday, 53% of volume was long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 59% to sell the Euro against the USD.
The orders were 58% to buy on Thursday.