Economic Calendar Analysis
The week will end with the Friday's release of the US employment data at 12:30 GMT. The event consists of the release of the US Average Hourly Earnings, US Non-farm Employment Change and US Unemployment Rate.
The rate has moved from 20.2 to 75.1 pips on the announcement.
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
Given that the exchange rate has breached the lower line of an ascending channel pattern, bearish traders could continue to drive the price lower during the following trading session.However, the currency exchange rate might reverse from the current price level at 1.1833 and target yesterday's high at 1.1900 within this session.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, it can be observed that since June the rate has been finding resistance in the 1.1900 and 1.1950 levels. Meanwhile, the 1.2000 mark is surrounded by technical resistance levels like the three daily simple moving averages and a 23.60% Fibonacci retracement level.In regards to support, the 1.1750 level has been marked as support, as it is clear that it managed to reverse the June and July decline of the currency exchange rate.
Daily chart
Read More: Technical Analysis
Traders are bullish
On Wednesday, on the Swiss Foreign Exchange traders, open positions were long, as 53% of open position volume was in long positions.
On Thursday, the market sentiment was still at 53% long.
Meanwhile, traders set up pending orders in the 100-pip range around the pair were 58% to buy the EUR/USD currency pair and 42% to sell.