In the meantime, take into account that on Thursday the rate had retreated to the lower trend line of the channel up pattern and the 200-hour simple moving average.
Economic Calendar Analysis
The week's notable events are set to start on Tuesday. At 12:30 GMT, the US Consumer Price Index could cause a noteworthy move. In September and August this event caused a slight increase of volatility. The rate has moved 5.4 to 16.9 pips on the event.
On Wednesday, the US Producers Price Index is scheduled to be published at 12:30 GMT. The last release occurred during a major increase of volatility. The EUR/USD has moved 5.0 to 48.9 pips during the last five announcements. However, the September move of 48.9 was an anomaly.
Take into account that the September release occurred at the start of a ECB press conference and Unemployment Claim release. The large move most likely was caused by a combination of factors not the PPI on its own.
On Thursday, the weekly US Unemployment Claims will be out at 12:30 GMT. The EUR/USD has started to ignore this release since the middle of September. Since then, the publication causes a move of just around ten pips.
On Friday, the US Retail Sales data is capable of causing slight increases of above normal volatility. However, in most cases the market barely reacts to this data. Namely, there are no sudden asset price and exchange rate adjustments.
The EUR/USD has moved from 7.6 to 19.7 pips on the release.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Friday, the EUR/USD remained below the monthly pivot point at 1.1782. In the meantime, note that the rate had previously respected the support of the channel up pattern.In the near term future, the rate could continue to trade sideways between the 1.1760 level and the resistance of the monthly pivot point.
Afterwards, as the support of the lower trend line of the channel up pattern and the 200-hour SMA approaches the pair, it most likely would break the resistance of the monthly PP.
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
Sentiment is unchanged
Since Thursday, on the Swiss Foreign Exchange trader open positions were bearish, as 58% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 60% to sell the pair.