On Monday, the EUR/USD exchange rate fluctuated near previous levels. Namely, it was located below the 1.1175 mark.
Meanwhile, take into account that on Friday the 55-hour simple moving average had failed to stop a short drop to the 1.1130 level. US Employment data
The European Common Currency depreciated against the US Dollar, following the US Employment data set release on Friday at 12:30 GMT. The EUR/USD exchange currency rate lost 21 pips or 0.19% right after the release. The Euro continued trading at the 1.1135 level against the Greenback.
The Bureau of Labor Statistics released the US Non-Farm Employment Change data, which came out better-than-expected of 128K compared with the forecast of 90K.
According to the official release: "Notable job gains occurred in food services and drinking places, social assistance, and financial activities. Within manufacturing, employment in motor vehicles and parts decreased due to strike activity. Federal government employment was down, reflecting a drop in the number of temporary jobs for the 2020 Census."
Economic Calendar Analysis
This week there is only one event scheduled that could impact the EUR/USD rate.
On Tuesday, the US ISM Non-Manufacturing PMI is set to be released at 15:00 GMT. This event has caused moves from 9.7 to 36.5 pips since October 2018.
Meanwhile, take into account that the next week's reaction tables have been published. Take a look at the 04.11-08.11 Event Historical Reactions publication.
EUR/USD hourly chart's review
During Friday morning, the EUR/USD currency pair traded sideways around the psychological level at 1.1165. During today's morning, the pair was testing the support formed by the 55-hour SMA at 1.1160.If the given support level does not hold, it is likely that the Euro could depreciate against the US Dollar in the nearest future. However, note that the exchange rate could gain support of the 100- and 200-hour SMAs, as well the weekly PP in the 1.1123/1.1139 area.
Otherwise, it is likely that the currency pair could extend gains within the following trading session. In this case note that the pair could face the resistance level formed by the Fibonacci 38.20% and the weekly R1 at 1.2000.
Hourly Chart
On the daily candle chart, the rate broke the resistance of the 100-day simple moving average, which was keeping the rate down at the start of this week.
Meanwhile, the 200-day SMA was providing resistance at the 1.1200 level. In addition, at that level a 61.80% Fibonacci retracement level was located at.
Daily chart
On Monday, 71% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, pending trade orders were set to sell, as 61% of orders in the 100-pip range were to sell and 39% were to buy. Previously, the orders were 58% bearish.