Economic Calendar Analysis
On Friday morning, at 08:00 GMT, the German Preliminary GDP could cause EUR/USD moves from 7.2 to 14.1 base points.
Next week, on Monday, the US ISM Manufacturing PMI could cause a move. The EUR/USD has moved 10.8 to 16.5 pips on the release since March 1.
On Wednesday, at 14:00 GMT, the US ISM Non-Manufacturing PMIs is set to be released. The EUR/USD has moved 5.9 to 12.4 pips on the release.
The week will end with the Friday's release of the US employment data at 12:30 GMT. The event consists of the release of the US Average Hourly Earnings, US Non-farm Employment Change and US Unemployment Rate.
The rate has moved from 20.2 to 75.1 pips on the announcement.
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
An extension of the decline could look for support in the weekly R2 simple pivot point at 1.1864 and the 55-hour simple moving average, which during the morning hours was located near the 1.1850 level. Below these levels, the 1.1850 mark and the 100-hour SMA could provide support.On the other hand, a potential surge would have to test the recent Thursday high levels, the weekly R3 simple pivot point at 1.1897 and the 1.1900 mark. Above these levels, the 1.1950 level and the June high near 1.1980 could provide resistance.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, it can be observed that since June the rate has been finding resistance in the 1.1900 and 1.1950 levels. Meanwhile, the 1.2000 mark is surrounded by technical resistance levels like the three daily simple moving averages and a 23.60% Fibonacci retracement level.In regards to support, the 1.1750 level has been marked as support, as it is clear that it managed to reverse the June and July decline of the currency exchange rate.
Daily chart
Read More: Technical Analysis
Long sentiment declines
On Wednesday, on the Swiss Foreign Exchange trader open positions were long, as 62% of open position volume was in long positions.
On Thursday, the sentiment was at 58% long. By the middle of Friday's trading, the sentiment was 54% long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 74% to sell the currency pair and 26% to buy.