Economic Calendar Analysis
On Friday, at 07:30 GMT, the German Flash Manufacturing and Services PMIs are most likely going to cause Euro moves.
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EUR/USD hourly chart's review
If the Euro manages to surge against the US Dollar above the 50-hour simple moving average near 1.0850, the April 20 high level of 1.0865 might act as resistance, before the pair approaches the April high level zone at 1.0920/1.0938.On the other hand, a decline of the pair below the pivot point at 1.0832 and the 200-hour simple moving average might result in a decline to the 100-hour SMA and the 1.0820 mark. Further below, there is no technical support as low as the April low level zone near 1.0760.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has passed below the March low level at 1.0810. This passing might result in the rate reaching the lower trend line of the large scale channel down pattern near 1.0720.Daily chart
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Traders are long
On Friday, on the Swiss Foreign Exchange trader open positions were long, as 72% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 54% to buy the Euro against the USD.
On Thursday, 71% of volume was long. Pending orders were 54% to sell.