At midnight to Thursday, the pair started to plummets. By the middle of the day's European trading hours, the EUR/USD had declined by more than 70 base points.
Economic Calendar Analysis
On Friday, US statisticians will publish their monthly employment data sets at 12:30 GMT. The event has moved EUR/USD from 21.7 to 50.1 pips since June 2021.
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
In the near term future, the pair could reach and look for support in the October 29 low level at 1.1535. In the case that the rate passes the 1.1535 level, it might reach the 1.1500 mark and the weekly S1 simple pivot point.On the other hand, a recovery from the 1.1535 level is highly likely going to encounter resistance in the 50, 100 and 200-hour simple moving averages, the weekly simple pivot point in the 1.1585/1.1600 range. Above this range, the 1.1616/1.1625 zone could one again reverse the surge of the EUR/USD.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD started the decline before reaching the combined resistance of the 55-day simple moving average, the 61.80% Fibonacci retracement level and the 1.1700 mark. In regards to support levels on this chart, note the 50.00% Fibonacci retracement level at 1.1454.Daily chart
Read More: Technical Analysis
Traders are long
On Wednesday, on the Swiss Foreign Exchange trader open positions were long, as 59% of open position volume was in long positions.
On Thursday, 57% of volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the Euro against the USD.