Economic Calendar Analysis
EUR/USD hourly chart's review Technical indicators suggest buying signals on the 4H and daily time-frame charts. Most likely, the European single currency could edge lower against the US Dollar within this session.
But, the currency exchange rate might find support near the weekly S2 at 1.1670 during the following trading session.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD currency pair breached a support line formed by the 61.80% Fibonacci retracement level at the 1.1700 area.The exchange rate appears to be heading to the November low level of 1.1600. In the meantime, currency exchange rate could consolidate around the 61.80% Fibonacci retracement level in the shorter term.
Daily chart
Read More: Technical Analysis
Traders are long
On Thursday, on the Swiss Foreign Exchange traders open positions were long, as 63% of the open position volume was in long positions.
On Friday, 65% of volume was bullish.
On Thursday, traders set up pending orders in the 100-pip range around the pair was 67% to buy the currency exchange rate.