The near term future depended on whether or not the pair passes the resistance of the 1.2140 mark.
Economic Calendar Analysis
Next week, on Monday, the US ISM Manufacturing PMI at 15:00 GMT could cause a move. The EUR/USD has moved from 9.1 to 40.00 base points on the publication since September.
On Wednesday, the US ISM Non-Manufacturing PMI could cause a move from 10.4 to 16.9 pips.
Thursday will bring the usual weekly US Unemployment Claims at 13:30 GMT. The data has caused moves from 6.2 to 16.4 pips.
The week will end with the US monthly employment data sets at 13:30 GMT. Namely, the US Average Hourly Earnings, Unemployment Rate and Non-farm Employment Change will be published. The EUR/USD has moved 15.7 to 28.9 pips since September.
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
The EUR/USD has revealed that it can pass the resistance of the 55, 100 and 200-hour simple moving averages. However, the weekly simple pivot point at 1.2140 has been holding. At mid-day on Friday, the rate was testing this resistance.In the case of the pair passing the 1.2140 level, the rate could aim at the resistance of the 1.2170 level.
On the other hand, if the pair bounces off the pivot point's resistance, it would decline to the 1.2100 mark first and afterwards the weekly S1 simple pivot point at 1.2089.
Hourly Chart
On the daily candle chart, the pair has pierced the support of the 55-day simple moving average, which was pushing the rate up since January 18. However, the decline found support in the late December and early January low level just above the 1.2050 level.
In the near term future, the 55-day SMA should be watched, as it could start to provide resistance or resume the providing of support.
Daily chart
Read More: Technical Analysis
Traders remain short
On Friday, on the Swiss Foreign Exchange trader open positions were bearish, as 54% of open position volume was in short positions.
On Thursday, the sentiment was 55% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 55% to buy the pair.