Meanwhile, note that the pair could face the resistance of the weekly R2 at 1.1432.
Economic Calendar Analysis
Next week is expected to be relatively calm. On Thursday, the US Unemployment Claims data is set to be published at 12:30 GMT.
On Friday, the UK Retail Sales data will be issued at 6:00 GMT. On the same day, Markit is going to publish PMIs survey results for Germany and the US.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Thursday, the EUR/USD currency pair declined to the support provided by the 100-hour SMA near 1.1380. During today's morning, the pair was testing the given support.Given that the exchange rate is pressured by the 55-hour SMA and the monthly R1 at 1.1400, it is likely that some downside potential could prevail in the market. In this case the rate could target the lower line of the short-term ascending channel circa 1.1320.
However, if the predetermined support holds, it is likely that some upside potential could prevail. Meanwhile, if the pair fails to exceed the weekly R2 at 1.1432, it is likely that the Euro could consolidate against the US Dollar in the short run.
Hourly Chart
On the daily candle chart, the rate pierced additional resistance from the trend line that connects the March and June high levels. Also, the rate faced the resistance from the Fibo 50.00% at 1.1445.
In the meantime, the daily simple moving averages indicate that the pair is overbought, as they are located below the 1.1150 mark.
Daily chart
Read More: Technical Analysis
Traders remain short on EUR/USD
On Friday, on the Swiss Foreign Exchange 63% of all EUR/USD open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy.