The EUR/USD remained below the 1.1110 level on Thursday, despite the better than expected Markit PMI survey results that initially caused a surge.
On Friday morning the currency exchange rate traded sideways near the 1.1070 level.
Due to the fact that it had touched a new low level and had no close by technical support levels, in theory the currency pair should decline down to the support levels near 1.1030.
"Important" data releases next week
There are no more macroeconomic events scheduled for this week that might impact the EUR/USD currency exchange rate.
Next week, data releases will resume on Monday, as at 12:30 GMT the US Durable Goods Orders and Core Durable Goods Orders data will impact the pair.
Although this event is marked as high impact on most economic calendars, it has caused in the time-frame of five minutes moves from 5.1 to 10.9 pips since the start of April. A move of below ten pips in five minutes occurs quite often without any special event.
On Thursday, at 12:30 GMT the US Preliminary GDP is scheduled to be published. The event has caused moves on EUR/USD charts from 6.4 to 11.9 pips since February.
EUR/USD hourly chart's review
On the hourly candle chart it can be seen that the rate faces the downwards moving resistance of the 55 and 100-hour simple moving averages near 1.1085. Although, note that these technical levels have been mostly ignored since Wednesday.In the meantime, the rate has no technical support levels down to the 1.1030 level. In theory the rate should decline down to this level.
On the other hand, note that the markets are expecting the speech of Jerome Powell that is scheduled for today. The rate might trade sideways until this event.
Hourly Chart
On the daily candle chart, it could be observed that the exchange rate has been trading sideways for the past week.
Meanwhile, the daily simple moving averages, were located above the 1.1200 level, indicating that the currency pair is oversold.
Daily chart
Since Tuesday, on the Swiss Foreign Exchange 67% of open EUR/USD position volume was in short positions.
The sentiment had changed on Thursday, as during the morning hours 65% of open position volume was short.
By the middle of Friday's trading session, 61% of open position volume was in short positions.
Meanwhile, pending trade orders were neutral, as 52% of orders in 100 pips range around the current rate were to buy and 48% were to sell.