Economic Calendar Analysis
There is one major notable event to watch this week. The US Employment data sets on Friday at 12:30 GMT are most likely going to impact the EUR/USD currency exchange rate.
Namely, the release of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate have caused EUR/USD moves from 20.2 to 75.1 pips since January.
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 test the support of the late May low levels near 1.2160. However, the support zone near 1.2160 was pierced on May 28. If the rate once again passes the described support zone, the pair could reach for the support of the weekly S1 simple pivot point at 1.2129.On the other hand, a potential recovery would test the resistance of the 55, 100 and 200-hour simple moving averages, the weekly simple pivot point at 1.2198 and the 1.2200 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has passed the support line of the large scale channel up pattern, which guided the rate up since April. If the rate clearly breaks the pattern, the 1.2150 mark could provide support.In the meantime, the daily simple moving averages were located in the range from 1.2039 to 1.1980. A larger decline could look for support in the SMAs.
Daily chart
Read More: Technical Analysis
Short sentiment declines
On Wednesday, on the Swiss Foreign Exchange trader open positions were short, as 61% of open position volume was in short positions.
On Tuesday, the sentiment was 65% short. Some traders had taken profits from the recent decline and/or opened long positions.
In addition, on Tuesday, trader set up pending orders in the 100-pip range around the pair were 58% to sell the pair.
On Wednesday, the orders were 62% to buy.