- SWFX market sentiment is 52% bullish today
- Pending orders in the 100-pip range are 55% to sell
- No data releases on Friday
The surge of the EUR/USD continued for the third consecutive trading session on Friday. In addition, the rate had revealed an ascending pattern, which was expected to surge up to the 1.14 level in the upcoming week.
The European Single Currency appreciated against the US Dollar, following the US Retail Sales data released on Thursday at 13:30 GMT. The EUR/USD exchange currency rate gained 5 pips or 0.05% during a minute, right after the release. The European single currency continued trading at the 1.1305 area against the US Dollar.
The Census Bureau released US Retail Sales data that came out better than expected of 0.8%, compare to forecasted 0.6%.
Advance estimates for US retail sales increased 0.8% over last month in October, higher than consensus expectations of a 0.5% pace of increase. Retail sales were downwardly revised to see a pace of decrease of 0.1% in September, the Commerce Department said in a statement Thursday.
No more data, wait for Monday
No more notable data will be published this week. Macroeconomic data traders will wait for Monday.For more in-depth analysis of this week's fundamental economic events watch the weekly Monday's Poking the Economic Calendar webinar, which is live each Monday at 12:00 both on Dukascopy telefision and YouTube.
EUR/USD daily review
In regards to the near-term future, most likely, the currency exchange rate will move upwards to break the resistance of the 200-hour simple moving average to trade near the weekly pivot point at the 1.1384 mark.On the other side, the 200-hour simple moving average could resist the currency exchange pair to push the rate to trade at the 1.1320 level during the day.
Hourly Chart
A version of a descending pattern is drawn on the daily chart of EUR/USD. Note the fact that the pattern's lower trend line is strengthening the support cluster at the 1.1200 level.
Meanwhile, note that the upper trend line of the pattern will strengthen the region near the 1.1400 level.
Daily chart
Since Monday, 53% of Dukascopy traders were bullish on the pair. On Friday, 52% of positions were long against the 48% of short positions.
Meanwhile, traders are still prepared to sell the EUR/USD, as 61% of all trader set up orders are bearish. Previously, 58% of orders were to sell the pair.
The only changes taking place since Wednesday is that the retail traders have been setting up more sell orders in the expectations of a continuation of the larger scale decline of the EUR/USD.