Economic Calendar Analysis
The EUR/USD could move this week due to the Friday's release of US employment data. At 12:30 GMT, expect the publication of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate. The EUR/USD has moved from 18.8 to 45.7 pips on the announcement since December 2020.
Next week, the rate could move due to the US CPI on Wednesday at 12:30 GMT. The pair has moved from 8.7 to 27.5 pips on the release. Note that the lesser moves occurred, when the market forecast was hit.
On Friday, the US Retail Sales and Core Retail Sales at 12:30 GMT are bound to move the pair, as the release had moved the pair from 9.4 to 19.3 since December.
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 near term future, the rate could bounce off the 1.2070 level and decline to the combined support of the 55 and 100-hour simple moving average near 1.2030. If these levels would be passed, the pair could reach for the support of the 1.2000 mark.On the other hand, a potential surge above the 1.2070 mark would aim at the 1.2100 mark and afterwards the weekly R1 simple pivot point at 1.2109.
Hourly Chart
EUR/USD daily chart's review
On Friday, the rate has returned to trading above the 100-day simple moving average. During the past week, it was spotted that the SMA no longer manages to impact the rate, as it could during late April.In the near term future, the pair could make another attempt at passing the resistance of the 1.2150.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Wednesday, on the Swiss Foreign Exchange trader open positions were short, as 59% of open position volume was in short positions. On Friday, 60% were short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 63% to sell the pair.