At the start of Friday's trading, the surge ended and, during the first half of the day, the rate declined.
Economic Calendar Analysis
Next week, US Elections on Tuesday are bound to take away all attention from the macroeconomic data releases. However, there are things to note.
On Monday, the US ISM Manufacturing PMI could cause a notable move at 15:00 GMT. This event has caused EUR/USD moves from 7.0 to 40.0 pips.
On the day after the US Election, on Wednesday, the US ISM Non-Manufacturing PMI will be published at 15:00 GMT.
On Thursday, expect the weekly US Unemployment Claims to cause a minor move at 13:30 GMT. Throughout October, the event has caused EUR/USD moves from 7.4 to 13.6.
Later in the day, at 19:00 GMT, the US Federal Reserve will make a Rate Statement. Namely, the bank will react to the US Election and the following market reaction. Previously, the Fed had stated that they intend to stop a market crash, if one starts due to the election results.
On Friday, the US are publishing their monthly employment statistics. Among them will be the Average Earnings, Unemployment Rate and official Non-Farm Employment Change. In general, the Average Earnings and Employment Change reveal, how much USD is used for employment.
The currency exchange rate has moved from 15.7 to 51.8 pips on the announcement since June.
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
It is likely that some downside potential could prevail in the market, as the exchange rate is pressured by the 55-hour SMA near 1.1720. In this case the rate could target the weekly S3 at 1.1575.Meanwhile, note that the currency pair could gain support from the weekly S2 at 1.1639. Therefore, the pair could reverse north and try to exceed the Fibo 61.80% at the 1.1707 mark.
Hourly Chart
The daily candle chart reveals that the 100-day simple moving average strengthened the support of the 1.1650 level. On Friday, it continued to provide support.
Daily chart
Read More: Technical Analysis
Traders become neutral
On Thursday, on the Swiss Foreign Exchange trader open positions were bearish, as 56% of open position volume was in short positions.
On Friday, the sentiment was 53% short. It was assumed that some traders took profit from the decline.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 63% to buy the pair.