Economic Calendar Analysis
On Friday, at 13:30 GMT, inflation at the producer level will be revealed, as the US Producer Price Index will be published. It is considered that producer level inflation eventually turns into consumer inflation, as producers increase consumer goods prices.
EUR/USD hourly chart analysis
An extension of the decline of the Euro against the USD could look for support in Thursday's low at 1.0930, before approaching the 1.0910/1.0920 range and the 1.0900 mark.On the other hand, a recovery could be slowed down near 1.0980/1.0985 by the Monday's high and the weekly simple pivot point, prior to the rate once again testing the 1.1000 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the lower trend line of the channel pattern and the 50-day simple moving average have held. In the near term future, the rate could test the 1.1070/1.1100 range‘s resistance.Daily chart
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Traders are shorting
Since Tuesday, traders were 60% short, as that proportion of all open position volume was in short positions.
Meanwhile, pending orders in the 100-pip range around the pair were balanced 50%/50%.
On Friday morning, the positions were 62% short and orders were 51% to sell.