It is likely that the pair could trade sideways in the short run.
Economic Calendar Analysis
On Friday, the Canadian and US Employment data set releases could be in the spotlight. The releases are scheduled to 12:30 GMT.
The week ahead is going to be relatively calm on the economic calendar. Most of the events, that could impact the markets, are from the US.
On Tuesday, the US Core PPI and PPI data are going to be released at 12:30 GMT.
On Wednesday, the US Core CPI and CPI data will be released at 12:30 GMT.
On Thursday, the US Unemployment Claims data might affect the market. The release is scheduled to 12:30 GMT.
The week will end with the US Retail Sales data release on Friday at 12:30 GMT.
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 traded sideways around the 1.1860 level. During today's morning, the pair was testing the 100-hour SMA near 1.1820.It is likely that the exchange rate could be pushed down by the 55-hour SMA near 1.1860. In this case the rate could target the Fibo 61.80% at 1.1707 in the nearest future.
On the other hand, it is likely that the currency pair could gain support from the 200-hour SMA and the weekly PP near 1.1780, and re-test the 2020 high at 1.1903 in the short run.
Hourly Chart
On the daily candle chart, the pair was trading near the upper boundary of the ascending trend. Note that the pair could gain support from the Fibo 38.20% at 1.1707.
In the meantime, the daily simple moving averages indicate that the pair is overbought, as the closest by 55-day SMA is located near 1.1350.
Daily chart
Read More: Technical Analysis
Traders remain short
On Friday, on the Swiss Foreign Exchange 65% 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 set to buy in 70% of all cases.