Economic Calendar Analysis
On Friday, at 12:30 GMT, the US employment data will impact the USD and all rates that involve it. The release will consist of the US Average Hourly Earnings change, Non-Farm Employment Change and the official Unemployment Rate.
Next week, watch out for the US Consumer Price Index at 12:30 GMT. The inflation data will reveal whether the Fed is managing to fight inflation or not.
On August 11, the markets will look at the UK GDP for signs of recession at 06:00 GMT and the US Producer Price Index at 12:30 GMT to analyse potential consumer price increases in the future.
EUR/USD hourly chart
A move below 1.0935 could look for support in the weekly S1 at 1.0920 and the 1.0900 mark, before the pair reaches the support of the July low levels at 1.0835/1.0840, the weekly S2 simple pivot point at 1.0829 and afterwards the 1.0800 mark. In addition, note the trend line which connects the lower low levels of the broader decline.On the other hand, a recovery of the Euro against the US Dollar could be stopped by the combination of the 1.0960 level and the upper trend line of the channel down pattern. In addition, the 100-hour simple moving average is approaching the rate. Higher above, note the 1.1000 mark and the 200-hour SMA.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has been declining since the attempt to pass above 1.1250. Last week, the currency pair reached the combined support of the 1.0950 level, the 50 and 100-day simple moving averages and the lower trend line of a channel up pattern.On Tuesday, it appeared that the support had partially failed, as the trend line was pierced. However, the moving averages were still acting as support. On Thursday, the moving averages also failed. It appears that the combination of the 1.0850 level and the 200-day SMA might stop the decline.
Daily chart
Read More: Technical Analysis
Traders are neutral
Since Thursday, the Swiss Foreign Exchange traders were 52% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 53% to sell the Euro against the US Dollar.