Economic Calendar Analysis
On Wednesday, at 13:15 GMT, the US ADP Non-Farm Employment Change is set to be released. This event has caused EUR/USD moves from 4.3 to 15.7 pips since November.
On the same day, at 15:00 GMT the US ISM Manufacturing PMI is set to be scheduled. The rate has moved from 9.1 to 16.0 pips on the announcement.
The week will end on Friday with the top event, as the US Employment data is set to be released at 13:30 GMT. The event will consist of three data sets being released. Combined they have caused moves from 15.8 to 45.7 pips on the EUR/USD charts.
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 of the 55-hour simple moving average providing resistance, the currency exchange rate could decline and once again test the support of the 61.80% Fibonacci retracement level at 1.1705. If the Fibo does not hold, the 1.1700 could immediately provide additional support.On the other hand, a failure of the 55-hour SMA could result in the pair testing the combined resistance of the 100-hour simple moving average near the 1.1765 level and the 1.1763 level, which provided support since March 25.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has passed the support trend line, which connects the February and March low levels and the December 21 low level. This trend line has provided support to the rate throughout 2021.Next support on the daily candle chart was the 38.20% Fibonacci retracement level at 1.1688.
Daily chart
Read More: Technical Analysis
Long sentiment declines
On Tuesday, on the Swiss Foreign Exchange trader open positions were bullish, as 69% of open position volume was in long positions.
On Wednesday, the long sentiment was at 64%.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 51% to buy the pair. Previously, the orders were 61% to buy.