Economic Calendar Analysis
Next week, notable events start on Tuesday. At 14:00 GMT, the ISM Manufacturing PMI data is set to be published and might impact the US Dollar.
On Wednesday, at 14:00 GMT, the US JOLTS Job Openings could impact the market via an adjustment of the value of the US Dollar.
On Thursday, at 12:15 GMT, the ADP Non-farm Employment Change might cause a move.
However, the top employment data publication of them all will happen on Friday. At 12:30 GMT, the US official monthly employment data sets will be published.
EUR/USD hourly chart analysis
A continuation of the ongoing decline would have to pass below 1.1040. Further below, the lower trend line of the channel pattern might slow down the pair's descent, before the 1.1000 mark is reached.On the other hand, a recovery of the Euro against the USD would need to break the pattern's upper trend line and the resistance of the 50-hour simple moving average, prior to reaching the 1.1100/1.1105 zone. Higher above, note the 100 and 200-hour simple moving averages.
Hourly Chart
EUR/USD daily chart's review
Prior analysis: "On the daily candle chart, the pair has broken the upper trend line of the channel up pattern and reached the resistance of the major resistance zone at 1.1130/1.1200.A move through this major resistance zone could stop at the next high level range at 1.1235/1.1280.
On the other hand, a bounce off the resistance range could look for support in round exchange rate levels at 1.1100, 1.1050, 1.1000 and 1.0950. All of these levels have acted as support and resistance."
On Thursday, the pair appeared to have properly bounced off the resistance range and had reached below 1.1100 level's support.
Daily chart
Read More: Technical Analysis
Traders are shorting
This week, on Thursday, traders have started to gain, as the rate is finally below last week's levels. Previously, traders sat on loses.
At midday, 74% of volume was in short positions and orders were 65% to sell. It appears that more traders are ready to short the pair.
On Friday, traders were 72% short and orders were 61% to sell.