During early Friday's trading hours, the pair was retracing up and had reached the 1.1290 level.
Economic Calendar Analysis
On Friday, the US Producer Price Index and US Core Producer Price Index are set to be released. In the recent past they have not caused notable volatility.
Next week, data releases are scheduled to start on Tuesday. However, the US CPI data sets have not caused notable moves. Normal volatility remains intact during the announcement.
On Thursday, the European Central Bank will make a rate statement and publish a monetary policy statement at 11:45 GMT.
This event will be followed by the publication of the US Retail Sales and Unemployment Claims at 12:30 GMT.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On the hourly candle chart the rate is located between two clusters of technical levels. It is a fifty pip wide range between support levels near 1.1250 and resistance levels that surround 1.1300.On Friday morning, it was expected that the rate would test the resistance levels near 1.1300. Namely, the 55 and 100-hour SMAs and the weekly R1 simple pivot point.
If this level would provide enough resistance, the pair would decline. In this case, it would first reach for the support of the 200-hour SMA and afterwards the two pivot points that surround the 1.1250 mark.
On the other hand, if the 1.1300 fails, the rate would have no resistance as high as 1.1364.
Hourly Chart
On the daily candle chart, the rate could gain additional resistance from the trend line that connects the March and June high levels.
In the meantime, the daily simple moving averages indicate that the pair is overbought, as they are located below the 1.1100 mark.
Daily chart
Read More: Technical Analysis
Traders remain short on EUR/USD
On Friday, on the Swiss Foreign Exchange 68% of all EUR/USD open position volume was in short positions.
On Thursday, it was 67% short. Traders had not taken profits during the decline.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 64% to buy.
Orders were 54% to buy on Thursday. It could be assumed that during the decline, the rate has approached the take profits of Swiss traders.