The EUR/USD did not even require the support of the 55 and 100-hour SMAs to resume its surge. The rate began to climb during Thursday's morning GMT hours and eventually reached the 1.1000 mark.
On Friday morning, the EUR/USD had retreated to the support of the 1.0965 level, where the monthly simple pivot point was located at. In general, the rate appeared to be consolidating before resuming its surge.US ISM Non-Manufacturing PMI
The European Common Currency appreciated against the US Dollar, following the US ISM Non-Manufacturing PMI survey data release on Thursday at 14:00 GMT. The EUR/USD exchange currency rate gained 26 pips or 0.24% right after the release. The Euro continued trading at the 1.0990 level against the Greenback.
The Institute for Supply Management released the US ISM Non-Manufacturing PMI survey data results, which came out worse-than-expected of 52.6 compared to the forecast of 55.1.
The Chair of the Institute for Supply Management (ISM) Non-Manufacturing Business Survey Committee Anthony Nieves commented: "The non-manufacturing sector pulled back after reflecting strong growth in August. The respondents are mostly concerned about tariffs, labor resources and the direction of the economy."
US Employment Data at 12:30
EUR/USD hourly chart's review
In general, the rate should surge in the near term. It faces no technical resistance levels as high as the 1.1012 level, where on Friday a weekly pivot point was located at. Although, most likely the psychological resistance of the 1.1000 level would slow down a surge.Hourly Chart
Since Thursday, 64% of open EUR/USD position volume on the Swiss Foreign Exchange has been in short positions.
Meanwhile, pending trade orders were bearish, as 63% of orders in the 100-pip range were set to sell and 37% were to buy.
Previously, the orders were 59% to sell