Economic Calendar Analysis
During next week, there are various types of events, which could impact different currencies. However, among the events it is clear that the top one is the quarterly US Preliminary Gross Domestic Product data release on Thursday at 13:30 GMT.
The week's notable events will start on Monday at 08:30 GMT, as the German Markit Manufacturing and Services Purchasing Managers Index survey results will be release. All EUR pairs are expect to react to the news.
On Tuesday, the US Markit Manufacturing and Services Purchasing Managers Index survey results are expected to cause move on all USD pairs and assets.
The week's notable events will end on Friday with the US Durable Goods Orders and Core Durable Goods orders publication at 13:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
If the currency pair declines below the supporting trend line, the 100-hour simple moving average and the 1.1350 mark, a potential decline would have no support as low as the 1.1300 mark and the 1.1298 level, where the weekly S1 simple pivot point was located at. However, take into account that the 1.1300 level was passed on Monday, and the 1.1280 level acted as support.However, a recovery of the Euro against the US Dollar would have to pass the resistance of the 50-hour simple moving average at 1.1368 and the 200-hour SMA near 1.1380, before aiming at the weekly simple pivot point at 1.1397 and the 1.1400 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the currency exchange rate found enough support in the 1.1300 mark to pass the 50 and 100-day simple moving averages. It was clear on Wednesday that the adjustment to the fundamentals of the US Dollar and the Federal Reserve have created an environment, in which the pair ignores long term moving averages.Daily chart
Read More: Technical Analysis
Sentiment is neutral
Since Wednesday, on the Swiss Foreign Exchange trader open positions were neutral, as 51% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to sell the Euro against the USD.