Economic Calendar Analysis
On Friday, the United States are scheduled to release their monthly employment data at 12:30 GMT. Expect the data release to consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
EUR/USD hourly chart's review
If the Euro continues to decline against the US Dollar, the pair could look for support in the Thursday's low level at 1.0162 and the 1.0150 mark. It might be the case that the 1.0150 mark is set to act as support with a zone of approximately 10 pip range around it. Further below, note that there is no technical support as low as the weekly S3 simple pivot point at 1.0074.On the other hand, a potential recovery of the Euro against the US Dollar would have to reach above the weekly S2 simple pivot point, the 1.2220 level and the 50-hour simple moving average. Higher above, note the resistance and support zone at 1.0270/1.0280.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has passed the low level zone of 1.0340/1.0400. In theory, the pair has no technical support as low as the lower trend line of the channel down pattern near 1.0050.If no round exchange rate level provides support and the monetary policy of the ECB and the Fed remain unchanged, the EUR/USD might soon reach parity.
Daily chart
Read More: Technical Analysis
Traders are long despite drop
On Wednesday, on the Swiss Foreign Exchange, trader open positions were bullish, as 67% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 55% to sell the Euro against the USD.
On Thursday, trader positions were 67% long and pending orders were 53% to sell.