In the meantime, the rate ignored the support and resistance of the 55 and 100-hour simple moving averages.
Economic Calendar Analysis
Next week, notable data releases start on Monday. On that day, the US ISM Manufacturing PMI could cause a EUR/USD move from 9.1 to 14.5 pips.
On Wednesday, the US ADP Non-Farm Employment Change at 13:15 GMT will be on the headlines. However, the market does not care, as since December 2 the rate has moved only 4.3 to 8.5 pips on the release.
On the same day, at 15:00 GMT the US ISM Non-Manufacturing PMI could cause a move from 8.3 to 16.9 pips.
On Friday, at 13:30 GMT the US will publish its monthly employment data. The release will consist of the Average Hourly Earnings, Non-farm Employment Change and Unemployment Rate. The EUR/USD has moved from 15.7 to 22.8 pips on the publication since October.
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
Short term forecasts were based upon whether or not the support of the 200-hour SMA causes another surge.In the case of the rate surging, the rate could test the resistance levels from 1.2162 to 1.2190. If these levels hold, the pair could trade sideways. On the other hand, in the case of the zone failing, the pair could once again test the 1.2240 and 1.2250 levels.
If the 200-hour SMA does not provide support, the pair would aim at the weekly simple pivot point at 1.2105. The rate falling below the pivot point could result in a decline to 1.2040.
Hourly Chart
On the daily candle chart, the pair has bounced off the resistance of the channel up pattern, which captures the February surge.
Daily chart
Read More: Technical Analysis
Traders remain short
On Thursday, on the Swiss Foreign Exchange trader open positions were short, as 62% of open position volume was in short positions.
On Friday, the sentiment was 60% short.
Meanwhile, since Tuesday, trader set up pending orders in the 100-pip range around the pair were 55% to buy the pair.
The situation changed on Friday, when 61% of orders were to buy.