- SWFX market sentiment is 63% bullish today
- Pending orders in the 100-pip range are 58% to sell
- Traders wait for Friday's US Employment data
The surge of the EUR/USD continued on Friday, as the metal was approaching resistance levels, which were located near the 1.1460 mark. Most likely that level will be reached by the end of the day.
The European Single Currency depreciated against the US Dollar, following the US ADP Non-Farm Employment Change data release on Wednesday at 12:15 GMT. The EUR/USD exchange currency rate lost 9 pips or 0.08% during a minute, right after the release. The European Single Currency continued trading at the 1.1323 area.
The Automatic Data Processing, Inc. released US ADP Non-Farm Employment Change data that came out better than expected of 227K, compare to forecasted 188K.
"Despite a significant shortage in skilled talent, the labour market continues to grow," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "We saw significant gains across all industries with trade and leisure and hospitality leading the way. We continue to see larger employers benefit in this environment as they are more apt to provide the competitive wages and strong benefits employees desire."
Markets wait US Employment data
Friday has come, and the US Employment data sets will be released.
Namely, the US Employment data sets will be published at 12:30 GMT. The Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate will be released at that time.
The data release will be covered by the Dukascopy Analytics team live. Join the webinar platform or Dukascopy Webinars YouTube channel's live stream at 12:20 GMT to see the coverage.
EUR/USD short term review
By the middle of Friday's trading session the rate had reached above the 1.1440 mark. The rate was set to reach the upper trend line of a dominant pattern and a 50.00% Fibonacci retracement level near the 1.1460 mark.Hourly Chart
On the daily chart only the upper boundary of a junior descending pattern were holding the EUR/USD from surging.
Although, the trend line was expected to be broken, as the rate had already reached the lower trend line of a dominant pattern. Moreover, the resistance was not strengthened by any additional resistance level, as the pivot points were left behind near the 1.1430 mark.
Daily chart
On Friday, 63% of traders were long on the EUR/USD. Most likely they were riding the surge upwards.
Meanwhile, traders had their pending orders set up mostly to sell the EUR/USD, as 58% of all trader set up orders were set to sell the pair.
Traders were still taking advantage of the surge of the EUR/USD. Meanwhile, they had their stop losses and take profit orders open, as most pending orders were clearly to sell.