On Thursday morning, the following surge appeared to be heading to the resistance of the 55 and 100-hour simple moving averages at 1.1578 and 1.1589.
Economic Calendar Analysis
On Thursday, the weekly US Unemployment Claims at 12:30 GMT might cause a minor move in the USD. The EUR/USD has moved from 5.4 to 13.5 pips on the releases that occurred in September.
On Friday, at 12:30 GMT, the US employment data sets will be out. Namely, the Average Hourly Earnings change, the Non-Farm Employment Change and the monthly Unemployment Rate are bound to impact the value of the US Dollar.
The pair has reacted to the US employment data since May 2021 with moves from 26.9 to 75.1 base points.
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
If the pair passes the resistance of the simple moving averages near 1.1580, the EUR/USD could aim at the 200-hour simple moving average near 1.1620. Above the SMA, the weekly simple pivot point at 1.1631 might serve as resistance.On the other hand, a bounce off from the 55 and 100-hour SMAs might look for support in the weekly S1 simple pivot point at 1.1532. Below the pivot point, the 1.1500 level would probably provide support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has passed the 2020 September and November low level at 1.1600. The rate has not been so low for more than a year. The last time the EUR/USD was below 1.1600 was in July 2020.In the case of the larger scale decline continuing, the pair could find support in the 50.00% Fibonacci retracement level at 1.1450. On the other hand, the pair is oversold, a potential recovery could find resistance in both the 1.1600 and 1.1700 levels.
Daily chart
Read More: Technical Analysis
Traders are long
Since Tuesday, on the Swiss Foreign Exchange trader open positions were bullish, as 57% of open position volume was in long positions.
On Thursday, traders were 59% long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 61% to buy the currency exchange rate.