However, it did not result in a larger decline, as the 1.1690 level provided support. By the middle of Friday's GMT trading hours, the rate was trading sideways near 1.1700.
Economic Calendar Analysis
On Friday, the US Retail Sales data is capable of causing a slight increases of above normal volatility. However, in most cases the market barely reacts to this data. Namely, there are no sudden asset price and exchange rate adjustments.
The EUR/USD has moved from 7.6 to 19.7 pips on the release.
Next week, on Thursday, the weekly US Unemployment Claims will be out at 12:30 GMT.
On Friday, starting from 07:15 GMT, the Markit Institute will be releasing Flash Services and Manufacturing Purchasing Managers Indices.
The biggest move is most likely going to occur on the release of the French and German PMIs at 07:15 GMT and 07:30 GMT.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
Since Thursday, the EUR/USD currency pair has been trying to decline below the 1.1700 level.It is likely that the exchange rate could trade downwards in the short term, as it is pressured by the 55-hour moving average near 1.1730. In this case the pair could target the weekly S2 at 1.1664.
However, if the 1.1700 mark holds, the European Common Currency could continue to trade sideways against the US Dollar within the following trading session.
Hourly Chart
On the daily candle chart, it could be observed that the rate was ignoring the 55-day simple moving average. It initially failed to keep the rate down and afterwards did not provide support.
In the meantime, note that the additional support of the 100-day simple moving average was approaching the rate near 1.1600.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Wednesday, on the Swiss Foreign Exchange trader open positions were bearish, as 57% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 51% to buy the pair.