Economic Calendar Analysis
On Friday, at 12:30 GMT, the Core PCE Price Index is bound to impact financial markets through the US Dollar.
Next week, watch for the US ISM Manufacturing PMI on Thursday at 14:00 GMT and the Friday's release of the US Unemployment data at 12:30 GMT.
EUR/USD hourly chart
A move above 1.0740 is expected to face resistance in the 1.0760 level and the descending 100-hour simple moving average. In the case of these levels failing, the rate's further surge could be slowed down by the combination of the 200-hour simple moving average and the 1.0800 mark.Meanwhile, a resumption of the broader decline could look for support in the 1.0720 level, which has acted as support during Thursday's trading. Further below, note the 1.0700 mark and the weekly S2 simple pivot point at 1.0678.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has passed below another support level. It has reached below the 1.0750 level and the zone that surrounds it. However, the passing has not resulted in a broader decline. On Friday, it was observed that the rate's potential recovery was finding resistance in the zone.A continuation of the May decline could look for support in the 200-day simple moving average and the 1.0600 mark.
Daily chart
Read More: Technical Analysis
Traders increase long positions
On Wednesday, trader open positions were long, as 55% 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.
On Thursday, traders were 63% long and orders were 50% to buy and sell.
By mid-Friday, the positons were 64% and orders were 54% to sell.