However, on Friday morning the pair shortly pierced the trend line before returning to trade just above the weekly R2 simple pivot point.
Economic Calendar Analysis
The top day for fundamental event watchers will be Friday. On Friday, at 12:30 GMT the US will release the country's monthly employment data. Later on, at 14:00 GMT, the US ISM Services Purchasing Managers Index is set to be out.
Most impact is expected from the US employment data release. The release will consist of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
EUR/USD hourly chart's review If the sideways trading is replaced with a surge, the EUR/USD could surge up to the 1.1900 mark. However, note that the upper trend line of the channel up pattern could provide resistance and slow down the pair. Above the 1.1900, the most close by technical resistance level was the weekly R3 simple pivot point at 1.1947.
Meanwhile, the rate could continue to fluctuate sideways above the weekly R2 simple pivot point or decline. A potential decline would look for support in the 55-hour simple moving average and the 1.1850 level. Below these levels the weekly R1 simple pivot point at 1.1837 and the 100-hour simple moving average at 1.1830 could provide support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD is heading to the resistance of the 1.1900 level and the zone that surrounds it. The 1.1900 level's zone has kept the rate down since the start of July. The rate has made numerous attempts to pass this level throughout the previous two months.Above the 1.1900 zone, the 100-day simple moving average could provide resistance at the 1.1950 mark. The 200-day SMA was doing the same at 1.2000.
A bounce off from the 1.1900 mark would most likely look for technical support in the 55-day simple moving average near the 1.1820 level.
Daily chart
Read More: Technical Analysis
Traders are short
On Friday, on the Swiss Foreign Exchange trader open positions were short, as 54% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 77% to sell the currency exchange rate.