Meanwhile, the Thursday's low levels have been marked on the chart at 1.0470/1.0480. This low level zone might act as support in the foreseeable future.
Economic Calendar Analysis
This week's notable events for this pair are over. On Friday, macroeconomic traders might want to look at the Canadian GDP publication.
EUR/USD hourly chart's review
A move above the 1.0600 mark by the Euro against the US Dollar could result in a surge to the 1.0650 level and the weekly S2 simple pivot point at 1.0655. Higher above, note the 1.0700 level and the 200-hour simple moving average near 1.0715.On the other hand, a resumption of the USD surge is expected to first look for support in the 1.0550 level, the weekly S3 simple pivot point and the 50-hour simple moving average at 1.0535. Below these levels note the 1.0500 mark and the 1.0470/1.0480 zone.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has broken the channel down pattern, which guided the rate since mid-2021. Support could be found in the late 2016 and early 2017 low levels at 1.0400. Namely, the 1.0350/1.0400 zone is expected to act as support.Daily chart
Read More: Technical Analysis
Traders are long
On Friday, on the Swiss Foreign Exchange trader open positions were bullish, 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 70% to sell the Euro against the USD.
On Thursday, positions were 73% long and orders were 62% to sell.