Economic Calendar Analysis
This week notable events are over.
Next week, starting with Tuesday, the scheduled fundamental events will start to impact the financial markets. At 15:00 GMT, the CB Consumer Confidence could impact the US Dollar's value.
On Wednesday, a minor reaction could occur due to the publication of the European Consumer Price Index at 10:00 GMT. The reaction of the Euro is minor due to the fact that the data is a combination of already published individual country data sets.
Later on Wednesday, various US events are expected to cause market moves. At 13:15 GMT, the US ADP Non-Farm Employment Change might cause a minor USD move.
Afterwards, at 13:30 GMT, the US Preliminary Quarterly GDP is set to reveal whether the United States remain in a recession.
The day will end with a speech of the US Federal Reserve Chairman Jerome Powell at the Brooking Institution in Washington at 18:30 GMT.
On Thursday, note the Core PCE Price Index release at 13:30 GMT. The US monetary policymakers watch this index as a measure of inflation, not the Consumer Price Index.
Afterwards, the US ISM Manufacturing PMI could impact the US Dollar's value at 15:00 GMT.
The week is set to end with the release of the United States employment data at 13:30 GMT. The data release consists of the US Average Hourly Earnings changes, Non-Farm Employment Change and Unemployment Rate.
EUR/USD hourly chart
A continuation of the Euro's decline against the US Dollar might look for support in the 1.0350 mark, the weekly simple pivot point at 1.0359 and the approaching 50, 100 and 200-hour simple moving averages. Further below, note the 1.0300 mark, which acted as support on Wednesday morning.On the other hand, a recovery of the pair above the 1.0400 mark and the 55-hour simple moving average could once again test the weekly R1 simple pivot point at 1.0446 and the 1.0450 level. Higher above, note the 1.0500 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the recent surge has moved the rate once again above the 1.0350/1.0400 zone. The zone impacted the rate throughout 2021 and 2022 as support and resistance.Meanwhile, it appears that despite being pierced, the 200-day simple moving average has been acting as support.
Daily chart
Read More: Technical Analysis
Traders are short
On Friday, on the Swiss Foreign Exchange, trader open positions were short, as 56% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 61% to buy the Euro against the USD.
On Thursday, the sentiment was 54% short and pending orders were 59% to buy.