During the morning hours of Friday's European trading, the rate was testing the resistance of the three hourly simple moving averages and the weekly simple pivot point in the 1.1920/1.1930 range.
Economic Calendar Analysis
Next week, notable macroeconomic events will start on Wednesday. From 08:15 up to 09:00 the Markit Services and Manufacturing Purchasing Managers Indices would be released.
At 08:15 GMT the French PMIS could cause a move from 9.0 to 15.0 pips. At 08:30 GMT the German PMIs will be published. The German indices have caused moves from 10.4 to 41.5 pips since October 23.
Later on at 09:00 GMT, the Euro Zone PMIs are scheduled to be published. These data sets have caused minor moves from 7.0 to 13.0 pips.
On the same day, at 13:45 GMT the US Services and Manufacturing PMIs could cause moves from 6.7 to 26.4 pips.
On Thursday, the week will end for EUR/USD macro events, as the US Final GDP is set to be released on that day at 12:30 GMT. The event has caused moves from 6.4 to 31.9 pips since December 2019.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
In the case of the 55, 100 and 200-hour simple moving averages and the weekly simple pivot point providing resistance, the rate would most likely again look for support in the 1.1900 level. If this level gets passed, the pair could reach the 1.1882/1.1887 zone.On the other hand, the resistance levels could fail. In this case, the EUR/USD would look for resistance in round exchange rate levels. For example the 1.1940, 1.1950 and 1.1960 levels.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair can be observed to be trading between the 1.2000 and 1.1900 levels. In the meantime, it has close by the support of the 200-day SMA and the resistance of the 100-day simple moving average.Daily chart
Read More: Technical Analysis
Sentiment remains long
Since Wednesday, on the Swiss Foreign Exchange trader open positions were bullish, as 57% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 66% to buy the pair. The orders also had not changed since Wednesday.