A decline of the pair would aim at the weekly S3 simple pivot point at 1.1946.
Economic Calendar Analysis
The week will end with the US monthly employment data sets at 13:30 GMT. Namely, the US Average Hourly Earnings, Unemployment Rate and Non-farm Employment Change will be published. The EUR/USD has moved 15.7 to 28.9 pips since September.
Next week, the EUR/USD could move due to the US Consumer Price Index data and the US Unemployment Claims.
The US Consumer Price Index and the Core Consumer Price Index will be published on Wednesday at 13:30 GMT. Since September, this publication has caused moves from 6.1 to 23.8 pips.
On Thursday, at 13:30 GMT the US weekly Unemployment Claims will be published. The EUR/USD has recently moved from 5.6 to 16.4 pips on the publications.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
Given that the exchange rate is pressured by the 55–hour moving average, as well the weekly S2 near 1.2000, it is likely that some downside potential could prevail in the market. The rate could target the 1.1880/1.1900 area in the short term.In the meantime, note that the currency pair could gain support from the weekly S3 at 1.1946. Thus, the Euro could trade sideways against the US Dollar within the following trading session.
Hourly Chart
On the daily candle chart, the pair has passed the support of a 23.60% Fibonacci retracement level, which strengthened the support of the 1.2000 mark.
On Thursday, the 100-day simple moving average, which was located at the 1.1960 mark, provided support.
Take into account that below the SMA there are no other technical levels. The most close by is the 200-day SMA and the 38.20% Fibonacci retracement level near 1.1700.
Daily chart
Read More: Technical Analysis
Long sentiment increases
Since Tuesday, on the Swiss Foreign Exchange trader open positions were neutral, as 52% of open position volume was in long positions.
By the middle of Thursday's trading, traders had become 54% long. On Friday, 56% of volume was long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 70% to buy the pair.