The EUR/USD managed to find support in the 1.0990 level and surge. On Friday, the rate had ended the surge, as it met resistance at 1.1030.
In regards to the near term future, the pair was expected to get squeezed in between the support of the 55 and 100-hour SMAs near 1.1015 and the resistance of the 200-hour SMA at 1.1040.Economic Calendar Analysis
On Friday, the US Retail Sales data sets will be out at 13:30 GMT. The release has caused moves from 13.7 to 24.3 pips.
Next week, the EUR/USD is expected to be impacted by fundamentals on two days.
On Wednesday, the FOMC Meeting Minutes are set to be published at 19:00 GMT. Since April, the rate has moved from 6.7 to 20.4 pips in the five minutes following the release.
On Friday, the German and Euro Zone Manufacturing and Services Purchasing Manager's Indices are set to be published. German data will be out at 08:30 GMT. Euro Zone data will be out at 09:00 GMT.
The week's reaction tables have been published. Take a look at the 18.11-22.11 Event Historical Reactions publication.
Read More: 18.11-22.11 Event Historical Reactions
EUR/USD hourly chart's review
On Friday, the rate traded above the support of the 55 and 100-hour simple moving averages near 1.1015 and the resistance of the 200-hour SMA at 1.1040.In general, the pair was expected to get squeezed in between these levels. The squeeze should then result in a break out either up or down. Since the break out should occur most likely on Monday, it is unclear, where it could stop.
On the other hand the 1.1030 level was providing resistance, it might continue to do so. In that case the rate would remain below this level's resistance and the mentioned support levels. The shorter period SMAs could push the rate into the 1.1030, which would result in a different break out.
Hourly Chart
On the daily candle chart, the currency exchange rate has bounced off the support of a large scale channel up pattern.
In the meantime, the rate is set to face the resistance of the 55-day simple moving average at 1.1038. This level is strengthening the 200-hour SMA.
Daily chart
Read More: Technical Analysis
Majority of traders remain short
Since Thursday, on the Swiss Foreign Exchange 62% of open EUR/USD position volume was in short positions.
Meanwhile, pending trade orders were to mostly to buy, as 73% of orders in the 100-pip range were to buy and 27% were to sell. Previously, the orders were 77% bullish.
Despite the Thursday's surge, traders have remained short on the pair. In addition, there are still present buy to open long position orders.