By the middle of Friday's GMT trading hours, the rate had reached the resistance of the 100-hour simple moving average near the 1.1330 mark.
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.
First of all note the US Retail Sales on Tuesday at 12:30 GMT. This event has caused reactions from 7.6 to 29.2 pips.
On Thursday, the US Unemployment Claims at 12:30 GMT will be discussed by most market participants. However, this release usually causes moves below ten pips. There were exception in May and June, when the EUR/USD moved respectively 11.2 and 22.2 pips.
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 revealed a short-term ascending channel. During today's morning, the pair reversed north from the upper channel line.From a theoretical perspective, it is likely that some upside potential could prevail in the market. In this case the exchange rate could re-test the resistance level—the monthly R2 at 1.1385.
Meanwhile, note that the rate could remain under pressure of the 55– and 100-hour SMAs in the 1.1340 area. Thus, it is likely that the pair could trade along the lower channel line in the short term.
Hourly Chart
On the daily candle chart, the rate has been consolidating by trading sideways between pivot points.
Daily chart
Read More: Technical Analysis
Traders stick to short positions
On Friday, on the Swiss Foreign Exchange 75% 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 bearish, as 59% of orders were to sell.