Yesterday, the EUR/USD currency pair tried to surpass the 1.1180 level.
During Friday morning, the pair was trading at the 1.1140. Given, that the pair is pressured by the 55- and 100-hour SMAs, it is likely, that some downside potential could prevail.
The European Common Currency appreciated against the US Dollar, following the ECB Monetary Policy Statement data release on Thursday at 11:45 GMT. The EUR/USD exchange currency rate gained 22 pips or 0.19% right after the release. The Euro continued trading at the 1.1125 level against the US Dollar.
The European Central Bank released the ECB Refinancing Rate data, which came out in line with the expectations of 0.00%.
According to the official release: "The Governing Council now expects the key ECB interest rates to remain at their present levels at least through the first half of 2020, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term."
US data could impact pair
This week will end with the US Advance GDP data release on Friday at 12:30 GMT. The previous data release caused a 24-pip move.
EUR/USD hourly chart's review
During Thursday, the EUR/USD currency pair tried to surpass the resistance level formed by the weekly S1 at 1.1187. During today's morning, the pair was testing the resistance level formed by the 55-hour SMA and the weekly S2 at 1.1152.If the given resistance holds, it is expected, that a reversal south could occur within the following trading hours. In this case, the exchange rate could re-test the 2018/2019 minimum located at 1.1115. If the given level does not hold, the rate could decline to the weekly S3 at 1.1103.
It is unlikely, that bulls could prevail in the market in the nearest future, as the pair is pressured by the 100-hour SMA, currently located at the 1.1162 mark. However, if the given resistance does not hold, the rate could re-test the weekly S1.
Hourly Chart
On the daily candle chart, the patterns have been crashed, as the currency exchange rate has passed the last support level.
Although, if one was short on the pair in the expectations of the rate touching the support line and rebounding, the profit is larger than expected.
Daily chart
On Friday, 65% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader set up pending orders in 100-pip range around the pair were bearish, as 58% of all orders were set to sell and 42% were to buy.