On Friday morning, the EUR/USD traded below the 55 and 100-hour simple moving averages, which had provided resistance to the rate since the middle of the night in GMT hours.
In general, the previous short term forecast was still valid. The SMAs were expected to push the currency exchange down to the weekly pivot point at the 1.0994 level.Economic Calendar Analysis
This week there are no more data releases, which might impact this rate.
However, take into account that the first notable release of next week will be already on Monday. At 14:00 GMT the US ISM Manufacturing PMI is set to be published.
Meanwhile, next week's scheduled event historical data tables have been published. Some major moves can be expected. Click on the link below to read the article.
Read More: 02.12-06.12 Event Historical Reactions
EUR/USD hourly chart's review
From a theoretical point of view, it is likely that some downside potential could prevail in the market. In this case the exchange rate could gain support from the weekly S1 at 1.0994.However, note that the rate has to surpass the psychological level at 1.1000. If the given level holds, it is likely that the Euro could consolidate against the US Dollar within the following trading session.
Hourly Chart
On the daily candle chart, the junior channel up pattern has been adjusted. It reveals that its lower trend line is located at the 1.1000 level.
If this level gets passed, on the daily candle chart there will be no technical support as low as 1.0800.
Daily chart
Read More: Technical Analysis
Traders short the EUR/USD
On Friday, on the Swiss Foreign Exchange 65% of open EUR/USD position volume was in short positions.
Meanwhile, pending trade orders were bullish, as 71% of orders in the 100-pip range were to buy and 29% were to sell.
The orders had not changed since Thursday.