The EUR/USD bounced off the resistance of the 1.1090 level on Thursday and began a decline, which was stopped by the support of a pivot point at the 1.1037 level. On Friday, the pair was testing this support level.
If the support fails to hold, the 1.1000 should be reached.Economic Calendar Analysis
EUR/USD hourly chart's review
Yesterday, the EUR/USD currency pair declined to the support level formed by the weekly S2 at 1.1037. During Friday morning, the pair was trading near the given level.Hourly Chart
On Friday, 69% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
The sentiment had been near this level since Monday.
Meanwhile, pending trade orders were to mostly to buy, as 81% of orders in the 100-pip range were to buy and 20% were to sell. Previously, the orders were 80% bullish.
The situation has not changed. Traders have gained profits from the decline of the pair, but have not booked them. In the meantime, the pending orders indicate that stop losses and take profits of the short positions are close by.
Moreover, some intend to open long positions in the case of a surge.