During the early hours of the day, the rate traded below the combined resistance of the 55-hour SMA and the weekly R1 simple pivot point at 1.1974.
Economic Calendar Analysis
Next week, there are notable events that could impact the rate.
On Thursday, the European Central Bank is set to make a rate statement and release its monetary policy statement. This event is set to reveal how the central bank would manage the supply of the Euro.
On Friday, all Euro pairs are set to be impacted by the monthly release of the Markit Purchasing Managers Indices. Starting from 07:15 GMT up to 08:00 GMT the French, German and Euro Zone PMIs are set to be released. The combined release of all the data had caused moves of up to 60 pips.
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 breaking the resistance of these levels, the pair could reach the 1.2000 level. However, it was spotted that the rate faces a resistance zone from 1.1987 to 1.1994. This zone had provided resistance during the middle of March.On the other hand, a potential decline would most likely look for support in the 100-hour simple moving average and the support zone near 1.1940.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has pierced the resistance of the 55-day simple moving average, which kept the rate down on Wednesday. Next up, the pair faces the resistance of a large scale channel down pattern.In addition, note on the chart the resistance of the 23.60% Fibonacci retracement level at 1.2006. The retracement levels on the chart are measured from the 2018 high level to the 2017 low level.
Daily chart
Read More: Technical Analysis
Short sentiment increases
On Thursday, on the Swiss Foreign Exchange trader open positions were short, as 58% of open position volume was in short positions.
On Friday, 60% of volume was short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 68% to sell the pair.