On Friday, the EUR/USD currency exchange rate had retreated below all close by technical levels. However, it did not decline, as the 1.1110 level kept the pair up. The 1.1110 had provided support since the middle of Wednesday's trading session.
If the rate passes this support, in theory it should decline to the monthly pivot point at 1.1059.Economic Calendar Analysis
This week, there is one scheduled event left, which could cause an increase of volatility in the EUR/USD.
On Friday, December 20, the US Final GDP data will be published at 13:30 GMT. The EUR/USD has moved from 5.2 to 26.4 pips on the release since September 2018.
Next week, the US Durable Goods Orders on Monday at 13:30 GMT could cause a move of fifteen pips.
Meanwhile, next week's scheduled event historical data tables have been published. Click on the link below to read the article.
EUR/USD hourly chart's review
On Friday morning, the EUR/USD was being supported by the 1.1110 level, which have kept the rate up since the middle of Wednesday's trading.In general, the pair was expected to pass this level and step by step reach for the support of the monthly pivot point at 1.1059.
Meanwhile, a surge was unlikely, as the rate had the resistance of two pivot points and three simple moving averages that were located from 1.1125 to 1.1138.
Hourly Chart
On the daily candle chart, the rate failed to pass the resistance of the 200-day simple moving average, which was located near 1.1150.
In the meantime, take into account that the support of the 55 and 100-day simple moving averages near 1.1065 could stop the rates decline to the monthly pivot point.
Daily chart
Since Thursday, 72% of open EUR/USD position volume was in short positions.
Meanwhile, pending trade orders were bearish, as 60% of orders in the 100-pip range were to sell and 40% were to buy.