The EUR/USD currency exchange rate has not changed. It is trading almost flat between support near 1.1040 and resistance at 1.1069.
Due to that reason, previous forecasts are still valid and the markets wait for the end of the consolidation to see action.
Watch out for European PMIs
This week there are no more notable data releases expected, which could impact the EUR/USD.
Next week will start with the release of the European Markit Manufacturing and Services PMI. The most important of them is the German data set, which will be published at 07:30 GMT.
Since February during the release of these data sets, the EUR/USD has moved from 14.6 to 33.1 pips during a period of five minutes after the data release.
On Thursday, the US Final GDP will be published at 12:30 GMT. This event has caused moves on the EUR/USD from 5.2 to 26.4 pips since June 2018.
Note that during the last two releases the pair moved only 5.2 and 7.6 pips, which is irrelevant.
The week will end with the US Durable Goods Orders data release at 12:30 GMT. The event will consist of the release of US Durable Goods Orders and US Core Durable Goods Orders.
This event has caused almost insignificant moves since April, as the EUR/USD moved from 5.4 to 10.9 pips. Due to that it is concluded that this event that is tagged as high impact on economic calendars, is not notable enough to be watched.
EUR/USD hourly chart's review
Since Thursday morning, the EUR/USD was testing the resistance of the pivot point at 1.1069.If the rate passes the resistance of this level, in theory, the 1.1150 mark should be reached next. At that level the weekly R1 of the simple pivot points is located at.
On the other hand, another bounce off from the mentioned resistance level would most likely force the pair into trading sideways, as the rate has strong support from 1.1049 to 1.1038. In that range the 55, 100 and 200-hour simple moving averages and the weekly pivot points were located.
Hourly Chart
On the daily candle chart, the rate continues to remain below the resistance line of a channel down pattern. If the pattern holds, the rate should eventually decline to the 1.0850 levels.
In general, the daily and the hourly candle charts contradict one another. The hourly is bullish and the daily is bearish. That is enforcing the sideways trading.
Daily chart
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Sentiment also remains unchanged
Since Tuesday morning, 66% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, pending trade orders were bearish, as 58% of orders in 100 pips range around the current rate were to sell and 42% were to buy.
Previously, 52% of orders were to sell.