By the middle of Friday's European trading hours, the rate had already reached the 1.0950 level, which provided psychological support.
Economic Calendar Analysis
On Friday, at 13:30 GMT the US will release their employment data. The release will consist of three data sets from the US – Average Earnings Change, Unemployment Rate and Non-Farm Employment Change.
Next week's data is available. Click on the link below to see the historical data tables with the reactions to the events.
On Thursday, the US CPI data sets are set to be published at 13:30 GMT. The EUR/USD has moved from 7.1 to 26.9 pips because of the release.
On Friday, the US Retail Sales data will be out also at 13:30 GMT. This event has caused moves on the EUR/USD pair since September 2019 from 8.7 to 25.4 base points.
Read More: 10.02-14.02 Event Historical Reactions
EUR/USD hourly chart's review
On the hourly candle chart, the currency exchange rate has the support of the 1.0950 level. If this level would get passed, the most close by support would be the weekly S3 at the 1.0923 level.On the other hand, the pair has declined sharply and left far above it the 55-hour simple moving average. In addition, the recent decline had a sharp angle. These factors combined signal that the pair is oversold.
Due to that reason a consolidation could occur. Most likely it would have the form of sideways trading, as the pair faces the resistance of the weekly S2 simple pivot point at 1.0958.
Hourly Chart
On the daily candle chart, as the support of the 1.1000 level has been passed, the pair has no support as low as the monthly S2 pivot point at 1.0872.
In the meantime, the rate has left the daily simple moving averages in the range from 1.1070 to 1.1125. It is a signal that the pair is overbought.
Daily chart
Read More: Technical Analysis
Traders gain from decline
On Friday, 59% of open EUR/USD position volume on the Swiss Foreign Exchange was short.
Traders had been short since Monday. Their short positions are most likely in the green.
Meanwhile, set up pending orders were long, as 57% of orders in the 100-pip range were to buy and 43% were to sell.
The orders were neutral on Thursday. Due to that reason it can be assumed that the buy orders are the take profits of the short positions.