In the near term future, the rata was expected to continue to decline, as it had no technical support as low as the weekly S3 simple pivot point at 1.1946.
Economic Calendar Analysis
Thursday will bring the usual weekly US Unemployment Claims at 13:30 GMT. The data has caused moves from 6.2 to 16.4 pips.
The week will end with the US monthly employment data sets at 13:30 GMT. Namely, the US Average Hourly Earnings, Unemployment Rate and Non-farm Employment Change will be published. The EUR/USD has moved 15.7 to 28.9 pips since September.
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 is pressured by the 55-hour moving average near 1.2033, it is likely that some downside potential could prevail in the market. Note that the rate could gain support from the weekly S3 at 1.1946.If the predetermined support holds, the currency pair could bounce off and try to surpass the weekly S2 at 1.2002. Otherwise, bears could continue to prevail in the market in the short run.
Hourly Chart
On the daily candle chart, the air has passed the support of a 23.60% Fibonacci retracement level, which strengthened the support of the 1.2000 mark.
Next support on the chart was the 100-day simple moving average, which on Thursday was located at the 1.1962 mark. Take into account that below the SMA there are no other technical levels. The most close by is the 200-day SMA and the 38.20% Fibonacci retracement level near 1.1700.
Daily chart
Read More: Technical Analysis
Traders go long
Since Tuesday, on the Swiss Foreign Exchange trader open positions were neutral, as 52% of open position volume was in long positions.
By the middle of Thursday's trading, traders had become 54% long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 72% to buy the pair.