In regards to the near term future, the rate was more likely to decline, as the 55, 100 and 200-hour simple moving averages could provide resistance.
Economic Calendar Analysis
This week there are no more notable events scheduled that could cause a notable move of the EUR/USD.
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 consolidated in the 1.1220 area. During today's morning, the pair maintained its consolidation.It is likely that the exchange rate could be pressured by the 55– and 200-hour moving averages near 1.1250. Thus, some downside potential could prevail in the market. In this case the rate could target the 1.1160/1.1180 range.
Meanwhile, note that the currency pair could gain support from the Fibo 38.20% at 1.1200. If the given level holds, it is likely that the Euro could continue to consolidate against the US Dollar in the short run.
Hourly Chart
On the daily candle chart, the EUR/USD currency pair has the additional support of a 61.80% Fibonacci retracement level at 1.1184.
In the meantime, the support of the daily simple moving averages was located near the 1.1000 level.
Daily chart
Read More: Technical Analysis
Traders short the EUR/USD
On Friday, on the Swiss Foreign Exchange 66% of all EUR/USD open position volume was in short positions.
On Thursday, the sentiment was 67% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were bullish, as 56% of orders were to buy and 44% of orders were set to sell.