Economic Calendar Analysis
This week's notable events are over. Next week, the markets are set to concentrate on US Manufacturing PMI on Wednesday and employment data on Friday.
EUR/USD hourly chart's review
A continuation of the recovery of the Euro against the US Dollar could encounter resistance in the 1.0800 and 1.0850 levels, before the weekly R3 simple pivot point at 1.0867 is tested. However, note that the pivot points are set to be recalculated on Monday morning.Meanwhile, a potential decline of the pair might look for support in the combination of the 1.0750 mark and the weekly R2 simple pivot point at 1.0737. Further below, take into account the combination of the 50 and 100-hour simple moving averages at the 1.0700 mark. Below the 1.0700 level, the 1.0650 and the weekly R1 simple pivot point at 1.0649 might act as support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair pierced the resistance of the 50-day simple moving average. If the pair continues to surge, the upper trend line of the 2022 channel down pattern near 1.0800/1.0850 is expected to act as resistance.Daily chart
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Traders remain long
On Friday, on the Swiss Foreign Exchange, trader open positions were bullish, as 57% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 51% to sell the Euro against the USD.
On Thursday, the open positions were 60% long and pending orders were 51% to sell.