Economic Calendar Analysis
On Friday, the US Retail Sales data might cause a reaction in the financial markets at 12:30 GMT.
Next week, note the US Empire State Manufacturing Index on Monday at 12:30 GMT.
On Friday, the US Flash Manufacturing and Services PMIs could cause an impact on the US Dollar.
EUR/USD hourly chart
A move higher might encounter resistance in the 1.1100 and 1.1150 levels, prior to testing the weekly R3 simple pivot point at 1.1173.On the other hand, a decline is expected to look for support first in the 55-hour simple moving average and the 1.1000 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has broken above the January high level at 1.1030. The EUR/USD is reaching new 2023 high levels.Note that there is a resistance and support zone at 1.1130/1.1190. This zone impacted the rate during the early parts of 2022.
Daily chart
Read More: Technical Analysis
Traders are shorting
On Thursday, trader open positions were bearish, as 62% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 62% to sell the Euro against the USD.
On Friday, traders were 65% short and orders were 51% to sell.