Economic Calendar Analysis
The US ADP Non-farm Employment Change number could impact the US Dollar's value at 12:15 GMT. However, more impact might be caused by the US Preliminary GDP publication at 12:30 GMT.
On Thursday, the US Core PCE Price Index should cause a USD move. Although, the head of the Federal Reserve Jerome Powell has already commented on the data during the Jackson Hole symposium. Due to this reason there might be no currency adjustment.
On Friday, the US monthly employment data will be released at 12:30 GMT. The release will consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
In addition, also on Friday, note the US Institute for Supply Management Manufacturing Purchasing Managers Index release at 14:00 GMT.
EUR/USD hourly chart
Support could be found by the rate in the 1.0850 mark which is strengthened by the 200-hour simple moving average. In addition, the 50-hour SMA might soon catch up with the rate. In the case of a move below 1.0850, take into account the 1.0835/1.0845 range, the weekly simple pivot point at 1.0829 and the 100-hour simple moving average.If the Euro resumes its surge against the US Dollar due to any reason, the rate would have to pass the resistance of the weekly R1 at 1.0892 and the 1.0900 mark, before new highs are reached.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the recent fundamental surge broke through the resistance of the 200-day simple moving average. Higher above, note the 100-day SMA near 1.0910 and the 50-day simple moving average near 1.0980.Daily chart
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Traders are bullish
On Wednesday, the Swiss Foreign Exchange traders were 64% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 57% to sell the Euro against the US Dollar.
On Tuesday, traders were 66% long and orders were 60% to sell.