Economic Calendar Analysis
EUR/USD hourly chart's review By and large, the exchange rate could end this week on a decline. Though, given that the EUR/USD pair has breached the upper line of a descending channel pattern, buyers might pressure the price higher during the following trading session.
However, the resistance level at 1.1770 could still provide resistance for the currency exchange rate within this session.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the exchange rate has pierced the support zone that surrounds the 1.1750 mark. In theory, the March low level near 1.1700 could be reached.On the other hand, a potential recovery would have no technical resistance as high as the psychological level of 1.1900. Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
On Thursday, the open position volume was 65% long.
On Friday, on the Swiss Foreign Exchange traders, open positions were long, as 65% of open position volume was in long positions.
Traders set up pending orders in the 100-pip range around the pair were 60% to buy the currency exchange rate.