The squeeze of the EUR/USD resulted in a decline, which continued on Friday. In general, the rate was expected to continue to decline.
In the case of a decline, the rate should reach for a technical support level near 1.1100.Economic Calendar Analysis
On Friday, January 3, the ISM Manufacturing PMI survey results will be released at 15:00 GMT and the FOMC Meeting Minutes will be published at 19:00 GMT.EUR/USD hourly chart's review
The Thursday squeeze of the EUR/USD resulted in high volatility and a break out to the downside. By the middle of Friday's trading, the currency exchange rate had dropped below the support levels that are located from 1.1153 to 1.1141.Hourly Chart
On Thursday, 71% of open EUR/USD position volume was in short positions.
By the middle of Friday's London trading hours, the sentiment had become 74% short.
The same has occurred with trader set up orders, as 72% of orders in the 100-pip range were to sell and 28% were to buy on Thursday.
On Friday, 77% of orders were to sell.