Given that the pair remains under pressure of the 55-hour moving average, it is likely that some downside potential could prevail in the market.
Economic Calendar Analysis
In regards to the EUR/USD during next week, there are a couple of scheduled macroeconomic data releases that could impact the currency exchange rate.
On Tuesday, Markit is set to release the German Flash Manufacturing and Services PMIs survey results at 7:15 GMT. Meanwhile, the US Flash Manufacturing PMI survey results will be released at 13:45 GMT.
On Thursday, macroeconomic data set release from the US could impact the market. The US Durable Goods Orders, Final GDP and Unemployment Claims data are set to be published at 12:30 GMT.
Take a look at all of the historical reaction tables by clicking on the link below.
EUR/USD hourly chart's review
On Thursday, the EUR/USD currency pair declined to the lower line of the falling wedge pattern circa 1.1180. During today's morning, the pair reversed north.Note that the exchange rate remains under pressure of the 55-hour SMA near 1.1230. Thus, some downside potential could prevail, and the rate could decline to the weekly S1 at 1.1172.
Meanwhile, note that the currency pair could gain support from the Fibo 38.20% at 1.1200. If the given level holds, it is likely that the Euro could consolidate against the US Dollar in the short run.
Hourly Chart
On the daily candle chart, the EUR/USD currency pair declined below the monthly R1 at 1.1246. Note that the pair could gain support from the Fibo 61.80% at 1.1184.
Daily chart
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Traders stick to short positions
On Thursday, on the Swiss Foreign Exchange 75% of all EUR/USD open position volume was in short positions.
During Friday, the sentiment was 74% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were bullish, as 60% of orders were to buy and 40% of orders were set to sell.