Economic Calendar Analysis
On Friday, the top event of the week will take place. The United States will publish the monthly employment data at 12:30 GMT. The release will consist of the Average Hourly Earnings, Non-farm Employment Change and the Unemployment Rate.
EUR/USD hourly chart
A move above the 200-hour SMA near 1.0540, would highly likely result in the pair testing the resistance of the weekly simple pivot point at 1.0571 and the upper trend line of the channel down pattern.On the other hand, a bounce off from the moving average could result in the rate looking for support in the 50 and 100-hour simple moving averages and the 1.0500 mark. Further below, note the weekly S1 simple pivot point at 1.0486 and the 1.0450 mark that caused the recent recovery.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the decline continues in a large scale channel down pattern. Most recently the support line of the pattern has continued to hold and cause retracements back up.Daily chart
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Bullish sentiment decreases
On Tuesday, the Swiss Foreign Exchange traders were 69% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 69% to buy the Euro against the US Dollar.
On Wednesday, positions were 68% long and orders were 51% to sell. By mid-Thursday, traders were 66% long and orders were 57% to sell.