The EUR/USD did not even require the support of the 55 and 100-hour SMAs to resume its surge. The rate began to climb during Thursday's morning GMT hours and eventually reached the 1.1000 mark.
On Friday morning, the EUR/USD had retreated to the support of the 1.0965 level, where the monthly simple pivot point was located at. In general, the rate appeared to be consolidating before resuming its surge.US ISM Non-Manufacturing PMI
The European Common Currency appreciated against the US Dollar, following the US ISM Non-Manufacturing PMI survey data release on Thursday at 14:00 GMT. The EUR/USD exchange currency rate gained 26 pips or 0.24% right after the release. The Euro continued trading at the 1.0990 level against the Greenback.
The Institute for Supply Management released the US ISM Non-Manufacturing PMI survey data results, which came out worse-than-expected of 52.6 compared to the forecast of 55.1.
The Chair of the Institute for Supply Management (ISM) Non-Manufacturing Business Survey Committee Anthony Nieves commented: "The non-manufacturing sector pulled back after reflecting strong growth in August. The respondents are mostly concerned about tariffs, labor resources and the direction of the economy."
US Employment Data at 12:30
The week will end with the biggest event of the month in the US, the employment data publication, on Friday at 12:30 GMT. The release will consist of three data sets being published. The Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings.
The Average Hourly Earnings is the top number to watch. It is closely followed in importance by the Non-Farm Employment change. Meanwhile, the Unemployment Rate can be ignored by financial traders.
The event has caused moves from 13.3 to 48 pips on the EUR/USD since May 2019.
Meanwhile, next week's notable event overview and historical data tables have been published. Click on the link below to see the article with the data.
EUR/USD hourly chart's review
In general, the rate should surge in the near term. It faces no technical resistance levels as high as the 1.1012 level, where on Friday a weekly pivot point was located at. Although, most likely the psychological resistance of the 1.1000 level would slow down a surge.Meanwhile, the rate was about to be approached by the support of the 55-hour SMA, which could push the rate up. In addition, the 100 and 200-hour SMAs were located below the rate.
On the other hand, the rate has surged sharply in October and could consolidate by trading sideways.
Hourly Chart
On the daily candle chart, the rate has surged in the borders of a channel down pattern. The upper trend line of the pattern is located close to the mentioned pivot point at 1.1011.
Meanwhile, the 55-day simple moving average was sharply approaching the currency rate and could reach it during the next week.
Daily chart
Since Thursday, 64% of open EUR/USD position volume on the Swiss Foreign Exchange has been in short positions.
Meanwhile, pending trade orders were bearish, as 63% of orders in the 100-pip range were set to sell and 37% were to buy.
Previously, the orders were 59% to sell