During Friday morning, the EUR/USD currency pair was testing the support formed by the 200-hour moving average.
If the given support holds, it is likely that a reversal north could occur.French Flash Services PMI and German Flash Manufacturing PMI
The European Common Currency appreciated against the US Dollar, following the French Flash Services PMI survey results release on Thursday at 07:15 GMT. The EUR/USD exchange currency rate gained 16 pips or 0.15% right after the release. The Euro continued trading at the 1.1155 level against the Greenback.
Markit released the French Flash Services PMI survey results, which came out better-than-expected 52.9 compared to the forecast of 51.6.
Also, note that the German Flash Manufacturing and Services PMIs survey results were released at 7:30 GMT. The German Flash Manufacturing PMI data came out in line with the expectations of 41.9, and the German Flash Services PMI came out worse-than-expected of 51.2 compared with the forecast of 52.0. As the result, the Euro depreciated 12 pips or 0.11% against the Greenback.
Economic Calendar Analysis
This week, there are no events that could affect the EUR/USD pair.
Next week, there will be a plenty of data releases from the US.
On Tuesday, October 29, the US CB Consumer Confidence data will be released at 14:00 GMT.
On Wednesday, October 30, the US ADP Non-Farm Employment Change data will be published at 12:30 GMT.
Also, at the same day, the US Advance GDP will be published at 12:30 GMT.
Moreover, the FOMC Statement and the Federal Funds Rate data will be published at 18:00 GMT.
On Thursday, October 31, the US Personal Spending data will be released at 12:30 GMT.
On Friday, November 1, the US Employment data set will be on focus - the Average Hourly Earnings, the Non-Farm Employment Change and the Unemployment Rate data will be published at 12:30 GMT.
At the same day, the US ISM Manufacturing PMI survey results will be published at 14:00 GMT.
Take a look at the published historical data tables by clicking on the link below.
EUR/USD hourly chart's review
Yesterday, the EUR/USD currency pair declined to the support provided by the 200-hour SMA at 1.1109. During Friday morning, the pair was trying to surpass the 55-hour SMA at 1.1120.Given that the exchange rate is pressured by the 100-hour moving average at 1.1131, it is likely that some downside potential could prevail in the market. In this case the rate could target the psychological level at 1.1080.
However, if the given support holds, it is likely that the Euro could trade sideways against the US Dollar within the following trading session. Also, it is unlikely that bulls could prevail, and the pair could exceed the psychological level at 1.1150.
Hourly Chart
On the daily candle chart, the pair has reached the resistance of the 100-day simple moving average. The SMA is both providing resistance and signalling that the EUR/USD is no longer oversold on the larger scale.
Daily chart
On Friday, 72% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, pending trade orders were slightly bullish, as 59% of orders in the 100-pip range were set to buy and 41% were to sell.