Economic Calendar Analysis
On Thursday, watch out for the ADP Non-Farm Employment Change at 12:15 GMT, the US Unemployment Claims at 12:30 GMT and the ISM Services PMI together with the JOLTS Job Openings at 14:00 GMT. These data sets will provide a first look at the US labour market situation, before the official data is released on Friday.
On Friday, at 12:30 GMT, the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate will be released by the Bureau of Labor Statistics.
EUR/USD hourly chart
A resumption of the decline would have to pass the support range at 1.0835/1.0840, before approaching the 1.0800 mark or the even lower located weekly S2 simple pivot point at 1.0766.However, a breaking of the resistance of the 50-hour simple moving average near 1.0875 might not result in a broader surge. The rate faces additional resistance from the 100-hour SMA near 1.0885, the 200-hour SMA near 1.0900, the 1.0900 mark itself and the weekly simple pivot point at 1.0907. Above these levels note the resistance zone at 1.0930/1.0940.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair is finding support in the combination of the 50 and 100-day simple moving averages near 1.0880. The moving averages of this chart explain the rebound that occurred on Wednesday morning.Daily chart
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Traders are short
On Thursday, trader open positions were bearish, 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 60% to buy the Euro against the USD.
At mid-Wednesday, positions were 57% short and orders were 51% to sell.