In the meantime, take into account that the 50, 100 and 200-hour simple moving averages were approaching the weekly simple pivot point. The SMAs could provide additional support and cause a surge.
Economic Calendar Analysis
On Thursday, a minor USD move could occur due to the weekly US Unemployment claims release at 13:30 GMT. The rate has moved from 4.2 to 28.9 pips on the release since November 4.
On Friday, the value of the US Dollar is most likely going to adjust to the publication of the US Consumer Price Index and Core Consumer Price Index changes at 13:30 GMT. The CPI has caused moves from 19.2 to 45.3 pips.
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
A potential surge of the Euro against the US Dollar would most likely once again test the resistance of the 1.1355/1.1360 level. If the currency exchange rate moves higher, the weekly R1 simple pivot point at 1.1390 might stop the EUR/USD.On the other hand, a decline of the currency pair below the weekly simple pivot point and the simple moving averages near 1.1300 might result in the rate looking for support as low as the 1.1250 mark, the weekly S1 simple pivot point at 1.1242 and the low level zone at 1.1228/1.1236.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD pair found support in the 38.20% Fibonacci retracement level at 1.1200. Meanwhile, note that a recovery of the rate could find additional resistance at the 1.1454 level, where the 50.00% Fibonacci retracement level is located at.Daily chart
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Traders set up sell orders
Since Monday, on the Swiss Foreign Exchange trader open positions were long, as 65% of open position volume was in long positions.
On Thursday, the situation changed, as 64% of volume was long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 63% to sell the Euro against the USD.