The Fed caused decline ended on Thursday at the weekly S2 of the simple pivot points at 1.1029. The reaching of this level was followed by a surge.
By the middle of Friday's trading the EUR/USD had reached the resistance of the 100-hour simple moving average at 1.1114.
The European Common Currency depreciated against the US Dollar, following the US FOMC Statement data release on Wednesday at 18:00 GMT. The EUR/USD exchange currency rate lost 29 pips or 0.26% right after the release. The Euro continued trading at the 1.1105 level against the Greenback.
The Federal Reserve released the Federal Funds Rate data, which came out in line with the expectations of 2.25%.
During the press conference the Fed Chairman Jerome Powell said a recent rate cut is not the start of a long series of rate cuts. He suggested that a global economic slowdown, the US trade tensions and a need to boost low inflation are the reasons why the US policymakers decided to lower the rate. Thus, the US Dollar appreciated against the Euro.
US Employment data
EUR/USD hourly chart's review
On Friday morning, the EUR/USD reached the resistance of the 100-hour simple moving average at 1.1114.Hourly Chart
On Thursday, 62% of open EUR/USD position volume was in short positions.
By the middle of Friday's trading the sentiment decreased to 61%. During the retracement upwards traders did not close their short positions.
Meanwhile, trader set up pending orders in 100-pip range around the pair were bearish, as 58% of all orders were set to sell and 42% were to buy.