The EUR/USD currency pair declined below the 2019 low at 1.0880. During Friday morning, the pair was trading at the weekly S2 at 1.0842.
Given that the pair is pressured by the 55-hour SMA, it is likely that some downside potential could prevail.
Economic Calendar Analysis
Today, the US Retail Sales data will be out also at 13:30 GMT. This event has caused moves on the EUR/USD pair since September 2019 from 8.7 to 25.4 base points.
During the next week there is only one notable event that could impact the EUR/USD pair.
On Wednesday, the Federal Reserve will publish its FOMC Meeting Minutes at 19:00 GMT.
Next week's data is available. Click on the link below to see the historical data tables with the reactions to the events.
Read More: 17.02-21.02 Event Historical Reactions
EUR/USD hourly chart's review
On Thursday, the EUR/USD currency pair declined to the weekly S2 at 1.0842. During today's morning, the rate was trading at the given level.If the weekly S2 holds, it is likely that a reversal north could occur in the nearest future. In this case it is unlikely that the exchange rate could exceed the Fibonacci 23.60% retracement at 1.0886.
However, note that the currency pair is pressured by the 55-hour moving average near 1.0900. In this case some downside potential could prevail in the market, and the pair could decline to the 1.0800 area.
Hourly Chart
On the daily candle chart, the pair surpassed the support formed by the monthly S2 pivot point at 1.0872.
In the meantime, the rate has left the daily simple moving averages in the range from 1.1070 to 1.1120. It is a signal that the pair is oversold.
Daily chart
Read More: Technical Analysis
Traders gain from decline
On Friday, 52% of open EUR/USD position volume on the Swiss Foreign Exchange was short.
Traders had been short since last Monday. Their short positions are most likely in the green.
Meanwhile, set up pending orders were bearish, as 56% of orders in the 100-pip range were to sell and 44% were to buy.