Economic Calendar Analysis
On Friday, watch out for the US employment data release. The release is bound to impact the financial markets through the value of the US Dollar. The publication is set to consist of the Non-Farm Employment Change, Average Hourly Earnings and Unemployment Rate.
EUR/USD hourly chart analysis
An extension of the ongoing decline could look for support in the 1.0750 level or the weekly S2 simple pivot point at 1.0720, before the pair reaches the 1.0700 mark.On the other hand, a recovery of the Euro against the US Dollar is set to face resistance in the weekly S1 simple pivot point at 1.0799, the 1.0800 mark and the descending 50-hour simple moving average. A move above these levels is likely to encounter resistance in the 1.0850 level and the 100-hour simple moving average.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has suddenly pierced below the support of the 200-day simple moving average. The indicator managed to hold throughout most of November. Next target for the decline could be the combination of the 50 and 100-day SMAs near 1.0700/1.0720.Daily chart
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Traders are neutral
On Wednesday, the Swiss Foreign Exchange traders were 52% in short positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 54% to sell the Euro against the US Dollar.
Last week, most traders were short. It appears that they have taken profits.