The decline eventually stopped at the 1.1285 level, on Thursday morning. However, since then the rate has been looking for direction, as it ignores technical levels and fluctuates in the 1.1290/1.1330 range.
Economic Calendar Analysis
The most notable event of the week will be the US and Canadian monthly employment data release on Friday at 13:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
In the case of a decline, the EUR/USD might look for support in the December 29 and January 4 low levels at 1.1275. Further below, December 21 and 22 low levels could stop a decline at 1.1260/1.1265.On the other hand, a recovery of the pair would face the resistance of the weekly simple pivot point at 1.1345, before testing the December high level zone at 1.1381/1.1386.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD has been going nowhere during the whole of December, as the rate appears to be bouncing around the 1.1300 mark.Meanwhile, note the approaching 50-day simple moving average. The SMA might provide resistance and cause another test of the support of the 1.1200 mark and the 38.20% Fibonacci retracement level.
Daily chart
Read More: Technical Analysis
Traders are long
On Thursday, on the Swiss Foreign Exchange trader open positions were long, as 63% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the Euro against the USD.
On Wednesday, the sentiment was 62% long and pending orders were 53% to sell.