In regards to the near term future, the rate was expected to trade sideways between 1.1760 and 1.1780.
Economic Calendar Analysis
On Thursday, as always, the US Unemployment Claims at 12:30 GMT might cause a minor move.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
It was spotted on Thursday that the 1.1760 level was providing support to the currency exchange rate. In addition, the monthly pivot point at 1.1782 continues to keep the rate down.In general, the rate was expected to continue to fluctuate between these levels until it is approached by the 100-hour simple moving average.
In the case of the 100-hour SMA providing support, the pair could break the resistance of the monthly pivot point and reach for the 1.1800 mark.
On the other hand, if the simple moving average fails, the pair could look for support in the lower trend line of the channel up pattern. In addition, this line could be soon strengthened by the 200-hour SMA.
Hourly Chart
On the daily candle chart, the rate has passed the resistance of a larger channel down pattern. This was possible, as the 55-day SMA moved out of the pattern's borders.
In the meantime, take into account that the resistance of the 55-day SMA strengthens the 1.1800 mark.
Daily chart
Read More: Technical Analysis
Traders are short
On Thursday, on the Swiss Foreign Exchange trader open positions were bearish, as 58% of open position volume was in short positions.
On Wednesday, the sentiment was 57% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 60% to sell the pair.
Previously, the orders were 56% to sell.