Economic Calendar Analysis
On Friday, the release of the US Retail Sales data at 12:30 GMT could cause an increase of volatility.
EUR/USD hourly chart's review
In the case that the rate surges, the pair would reach the resistance of the weekly simple pivot point at 1.1852. A failure of the pivot point could result in a test of the resistance zone just below the 1.1880 mark.On the other hand, a potential decline could look for support first in the 55-hour SMA near 1.1820. Afterwards, the weekly S1 simple pivot point at 1.1810 might provide support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, on Wednesday, a channel down pattern was spotted and added to the chart. However, already on Thursday, the rate appeared to be testing and piercing the upper trend line of the pattern.A potential move above the trend line would have no technical resistance as high as the 1.2000 level, where a 23.60% Fibonacci retracement level is located together with the 100 and 200-day simple moving averages.
Daily chart
Read More: Technical Analysis
Long sentiment decreases
On Thursday, on the Swiss Foreign Exchange traders open positions were long, as 60% of open position volume was in long positions.
On Wednesday, the open position volume changed and was 63% long.
On Thursday, trader set up pending orders in the 100-pip range around the pair were 60% to sell the pair and 40% to buy the EUR/USD.