In the near term future, the rate was expected to look for support that would force it to trade sideways or retrace back up.
Economic Calendar Analysis
On Friday, at 13:30 GMT the US will publish its monthly employment data. The release will consist of the Average Hourly Earnings, Non-farm Employment Change and Unemployment Rate. The EUR/USD has moved from 15.7 to 22.8 pips on the publication since October.
Next week, Notable data releases will start on Wednesday. On that day, the US Consumer Price Index data could cause a minor move on USD assets at 13:30 GMT. The EUR/USD has moved from 6.1 to 23.8 pips on the announcement.
On Thursday, the European Central Bank will make a rate statement at 12:45 GMT. However, the rate has not changed for years and years. Instead, read the Monetary Policy Statement that is published at the same time. It reveals, how much money the ECB is going to flood the market with. Depending on that the EUR supply and strength change. This event has caused moves from 3.8 to 30.6 pips since July 2020.
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
At 17:00 GMT on Thursday, the head of the US Federal Reserve Jerome Powell started a speech. During the speech he revealed that the current US monetary stimulus would remain intact. However, as the markets appeared to expect additional stimulus, the value of the US Dollar surged.It resulted in two large red hourly candles, which passed all support levels. By the middle of Friday's trading, the decline had reached below the 1.1920 mark, as the rate lost 1.06% or 128 pips.
In regards to the future, the rate could look for support in the 1.1900 level and trade sideways above it. However, if this level gets passed, the pivot point at 1.1830 could be targeted.
Hourly Chart
On the daily candle chart, the pair pierced the support of the 100-day simple moving average and the 23.60% Fibonacci retracement level.
Next support on the daily candle chart was the 200-day simple moving average, which was located at the 1.1819 level.
Daily chart
Read More: Technical Analysis
Traders go long
On Friday, on the Swiss Foreign Exchange trader open positions were bullish, as 54% of open position volume was in long positions.
On Thursday, traders were neutral, as 52% of volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 72% to buy the pair. The orders were 62% to buy on Thursday.