Economic Calendar Analysis
This week, notable events for this pair have ended. Expect the analysis for next week to be published soon.
EUR/USD hourly chart's review
If the rate manages to pass the resistance of the two hourly simple moving averages, the pair could reach and test the combined resistance of the 200-hour SMA and the weekly simple pivot point at 1.1766.On the other hand, a bounce off from the SMAs would immediately find support in the 1.1700 mark and the 61.80% Fibonacci retracement level at 1.1707 before reaching the weekly S1 simple pivot point at 1.1686.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has reached the support of the 1.1700 mark, which is strengthened by a 61.80% Fibonacci retracement level.A passing of the support of the 1.1700 mark could result in the test of the support of the 2020 low levels near 1.1600. On the other hand, a recovery might find resistance in the 55-day simple moving average near 1.1800.
Daily chart
Read More: Technical Analysis
Long sentiment increases
Since Tuesday, on the Swiss Foreign Exchange trader open positions were bullish, as 61% of open position volume was in long positions.
On Thursday, the situation changed, as 65% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to buy the currency exchange rate. The orders were 57% to buy on Wednesday.