Economic Calendar Analysis
On Friday, the US Dollar and the Canadian Dollar are set to react to the monthly US and Canadian employment data. Among the data will be the employment changes and unemployment rates of the two countries.
EUR/USD hourly chart's review
A move below the 1.0550 mark might encounter additional support in the 100-hour simple moving average, before approaching the 1.0500 mark. Below the round exchange rate level, note the low level zone at 1.0472/1.0492.However, a recovery of the Euro against the US Dollar is expected to test the resistance zone at 1.0572/1.0593 and the 200-hour simple moving average. Afterwards, the post-Federal Reserve rate hike high levels could act as resistance at 1.0626/1.0642. Meanwhile, take into account that by large the pair has been ignoring the support and resistance of the weekly simple pivot point at 1.0609 and the 1.0600 mark.
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
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Traders are long
Since Wednesday, 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 54% to sell the Euro against the USD.