Economic Calendar Analysis
The EUR/USD could move this week due to the Friday's release of US employment data. At 12:30 GMT, expect the publication of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate. The EUR/USD has moved from 18.8 to 45.7 pips on the announcement since December 2020.
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
A potential target for the pair's decline would be the weekly S1 simple pivot point at 1.1976. If the pivot point holds and causes a move up, the rate could find resistance in the 55-hour SMA near 1.2030. Afterwards, the combined resistance of the 100 and 200-hour SMAs and the weekly simple pivot point could provide resistance in the 1.2030/1.2070 range.On the other hand, a passing of the support of the weekly S1 would most likely result in a test of the April 19 low level and the 1.1940 mark.
Hourly Chart
EUR/USD daily chart's review
On Friday, the rate passed the support of the 100-day simple moving average, which supported the rate in its test of the 1.2150 mark. During Wednesday's trading, the rate was testing the support of the 23.60% Fibonacci retracement level at the 1.2000 mark.In the near term future, the pair could pass the mentioned support and decline to the combined support of the 55 and 200-day simple moving averages near 1.1950.
Daily chart
Read More: Technical Analysis
Traders are short
On Wednesday, on the Swiss Foreign Exchange trader open positions were short, as 59% 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 pair.