Economic Calendar Analysis
On Wednesday, the US ISM Services PMI is likely going to cause USD moves. The Monday's Manufacturing PMI caused a broad decline of the US Dollar.
Above all, on Friday, the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate are set to move the markets.
EUR/USD hourly chart
A move above 1.0000 could encounter resistance in the combination of the weekly R2 simple pivot point at 1.0048 and the 1.0050 level. Higher above, take into account the 1.0100, 1.0150 and 1.0200 levels.However, a decline of the Euro against the US Dollar is set to look for support in the weekly R1 simple pivot point at 0.9925 and the 0.9900 level. Further below, take into account the 50-hour simple moving average and the 0.9865/0.9875 zone.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD has broken the resistance of the August and early September low level zone at 0.9860/0.9900. The surge eventually stopped at the upper trend line of the 2022 channel down pattern and the 50-day simple moving average.Daily chart
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Traders are long
On Wednesday, on the Swiss Foreign Exchange, trader open positions were bullish, as 61% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 57% to sell the Euro against the USD.
On Tuesday, traders were 61% long and pending orders were 58% to sell. It could be assumed that selling has continued.