Economic Calendar Analysis
Next week, on Tuesday, at 13:30 GMT, the US Retail Sales and US Core Retail Sales are bound to impact the value of the US Dollar. The EUR/USD has moved from 8.5 to 21.7 pips on the release.
On Thursday, note that a minor USD move could be caused by the weekly US Unemployment Claims. The pair has moved from 7.6 to 28.9 pips at the time of the claims.
However, on November 10, the move of 28.9 pips was caused actually by the US CPI. Without the November 10 release, the movement range is 4.2 to 16.7 pips.
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EUR/USD hourly chart's review
A potential target for the decline would be the weekly S3 simple pivot point at 1.1413. Below the pivot point, the 1.1400 mark might act as a support level.On the other hand, a recovery of the EUR/USD might find resistance in the 50.00% Fibonacci retracement level at 1.1455, the weekly S2 simple pivot point at 1.1463 and the 50-hour simple moving average.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD has passed the support of the 50.00% Fibonacci retracement level. The drop was being expected since the end of October.In regards to the future, a passing of the retracement level has left the rate with no technical support as low as the 1.1300 mark, where the lower trend line of the large scale channel down pattern is located at.
Daily chart
Read More: Technical Analysis
Traders are long
On Thursday, on the Swiss Foreign Exchange trader open positions were long, as 67% of open position volume was in long positions.
On Friday, the sentiment was 69% long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 65% to buy the Euro against the USD.