By the middle of the day's European trading hours, the pair had recovered to the weekly R1 simple pivot point at 1.1644.
Economic Calendar Analysis
On Friday, at 13:45 GMT, the week's notable events will end with the publication of the US Manufacturing and Services PMIs. The EUR/USD has moved has moved from 7.0 to 18.3 pips allegedly due to the release since May 21.
Next week, on Wednesday, at 12:30 GMT, the US Durable Goods Orders and Core Durable Goods Orders change data will be published. The rate has moved only 4.8 to 11.1 pips due to the release since May.
On Thursday, the European Central Bank will publish the Eurozone's Main Refinancing Rate at 11:45 GMT. Note that a press conference will be held at 12:30 GMT by the management of the central bank.
The publication of the rate itself has caused moves from 7.2 to 28.6 base points since March. However, note that most volatility occurs during the question part of the press conference.
At 12:30 GMT, on Thursday, the US Advance GDP is expected to impact the value of the US Dollar. In addition, the US Unemployment Claims could also slightly impact the USD. The GDP has moved the EUR/USD from 7.9 to 13.6 pips, and the Claims from 7.6 to 13.5 base points.
On Friday, at 08:00 GMT, the German Preliminary GDP is expected to cause volatility in the value of the Euro. The EUR/USD has moved from 4.9 to 14.1 pips on the release.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
If the pair continues to recover, it would reach for the week's high level zone just below the 1.1670 mark. Above the 1.1670 level, the weekly R2 simple pivot point might serve as a resistance level at 1.1685.On the other hand, a potential decline might find support first in the 100-hour simple moving average at 1.1635 before approaching the 1.1620 level. Note that a passing of the 1.1620 mark could result in the pair looking for support in the 200-hour simple moving average at 1.1608.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has recovered after booking a new low level. The recovery could encounter resistance in the 1.1700 mark, which might be strengthened by the 55-day simple moving average and a 61.80% Fibonacci retracement level.Daily chart
Read More: Technical Analysis
Sentiment is neutral
On Friday, on the Swiss Foreign Exchange trader open positions were neutral, as 51% of open position volume was in long positions.
On Thursday, the situation slightly changed, as 52% of volume was long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 59% to sell the Euro against the USD.
The orders were 61% to sell on Thursday.