However, almost immediately resistance was provided by the weekly simple pivot point at 1.2109.
Economic Calendar Analysis
On Friday, the US Retail Sales and Core Retail Sales at 12:30 GMT are bound to move the pair, as the release had moved the pair from 9.4 to 19.3 since December.
Next week, the rate could move due to the FOMC Meeting Minutes on Wednesday at 18:00 GMT. The pair has moved from 6.2 to 10.2 pips on the release.
On Friday, the French Flash Services PMI and Flash Manufacturing PMI at 07:15 GMT are bound to move the pair, as the release had moved the pair from 9.0 to 15.0 since December.
The German Flash Services PMI and Flash Manufacturing PMI are set to come out right after at 07:30 GMT. The EUR/USD currency exchange has moved from 6.8 to 41.5 during the last five months.
Later on that day, the Euro Zone Flash Services PMI and Flash Manufacturing PMI will be released. The pair has moved from 4.2 to 13.0 since January.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
In the case of the rate passing the resistance of the weekly simple pivot point, the pair would face the resistance of the 100-hour simple moving average at 1.2119. If the SMA fails to keep the rate down, the EUR/USD could aim at the resistance of the 1.2175/1.2180 zone.However, if the 100-hour SMA or the weekly simple pivot point manage to hold and reverse the rate, the pair would look for support in the 55 and 200-hour SMAs. If the 55 and 200-hour SMAs fail to keep the EUR/USD up, the rate could once again look for support in the 1.2050/1.2070 zone.
Hourly Chart
EUR/USD daily chart's review
On Friday, the rate has passed the April high level. It can be observed that the next resistance for the rate on the chart is the February high level just below the 1.2250 mark.Daily chart
Read More: Technical Analysis
Traders remain short
Since Wednesday, on the Swiss Foreign Exchange trader open positions were short, as 62% of open position volume was in short positions.
On Friday, trader set up pending orders in the 100-pip range around the pair were 51% to sell the pair.
The orders were 61% to buy on Thursday.