The situation on the EUR/USD charts has not changed, as the pair traded sideways since Thursday.
However, during the Friday's London trading morning hours, the 55-hour SMA approached the rate and began to provide downwards pressure. The SMA was expected to cause a decline. US ISM Non-Manufacturing PMI
The European Common Currency traded sideways against the US Dollar, following the US ISM Non-Manufacturing PMI survey results release on Tuesday at 15:00 GMT. The EUR/USD exchange currency rate lost 7 pips or 0.06% right after the release. The Euro continued trading at the 1.1148 level against the Greenback.
The Institute for Supply Management (ISM) released the US ISM Non-Manufacturing survey results data, which came out better-than-expected of 55.0 compared with the forecast of 54.5.
The Chair of the Institute for Supply Management (ISM) Non-Manufacturing Business Survey Committee Anthony Nieves commented: "According to the NMI, 11 non-manufacturing industries reported growth. The non-manufacturing sector had an uptick in growth in December. The respondents are positive about the potential resolution on tariffs. Capacity constraints have eased a bit; however, respondents continue to have difficulty with labor resources."
Economic Calendar Analysis
The week will end with the three US employment data sets being published at 13:30 GMT. Since August 2019, the EUR/USD has moved from 14.5 to 41.4 pips on the release.In regards to next week, on Tuesday, the US Consumer Price Indices might cause a minor move on the US Dollar pairs.
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 met with the resistance of the 55-hour simple moving average, and began a minor decline.In general, the decline was expected to continue, as the currency exchange rate had no technical support as low as the pivot points at 1.1066 and 1.1061.
Hourly Chart
On the daily candle chart, the pair has support. It is kept up by the 55-day simple moving average and the lower trend line of the last five month surge.
It appears that the hourly and daily candle charts contradict one another. Due to that reason a squeeze between support and resistance levels is expected.
Daily chart
On Thursday, 67% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Friday's trading, 66% were short.
Meanwhile, set up pending orders were to buy, as 61% of orders in the 100-pip range were to buy and 41% were to sell.
Previously, 57% of orders were to sell.