On Friday morning, the EUR/USD traded with an increased volatility. The volatility was caused by the publication of European PMIs. They showed mixed results, as they were being published over a period of an hour.
In general, good news from France caused a surge, which were followed by mixed German results and lower than forecast results of the combined Euro Zone indices.Economic Calendar Analysis
Next week, the EUR/USD could be slightly impacted by the US publications on Wednesday.
At 13:30 GMT on that day, the US Durable Goods Orders, Core Durable Goods Orders and Preliminary GDP are scheduled to be released.
In the meantime, the next week's reaction tables have been published. Take a look at the 25.11-29.11 Event Historical Reactions publication.
Read More: 25.11-29.11 Event Historical Reactions
EUR/USD hourly chart's review
On Friday morning, the described volatility occurred between the 1.1088 and 1.1048 levels. During that time the rate ignored the resistance of the 55 and 100-hour SMAs. In the meantime, the 200-hour simple moving average managed to provide support to a decline.Although, in the aftermath of the volatility, it could be observed that the rate was kept down by the 55 and 100-hour simple moving averages.
In regards to the near term future, the rate is bound to trade between the SMAs until it breaks out from the range of 1.1046 and 1.1071.
Hourly Chart
On the daily candle chart, the pair has the resistance of the 100-day SMA at 1.1090. In the meantime, the rate is being supported by the 55-day simple moving average at 1.1043.
In general, the daily candle is also signalling that the rate is going to trade sideways.
Daily chart
Read More: Technical Analysis
Short sentiment remains unchanged
Since Thursday, on the Swiss Foreign Exchange 70% of open EUR/USD position volume was in short positions.
Meanwhile, pending trade orders were neutral, as 50% of orders in the 100-pip range were to sell and 50% were to buy.
Previously, the orders were 57% short.