The pair reached the support of the 1.1330 level, where a pivot point is located, as forecast.
Although, the price action after the event might have triggered stop losses of short positions, as the rate retraced back up more than thirty pips.
The European Single Currency appreciated against the US Dollar, following the US FOMC Meeting Minutes release the previous Wednesday at 19:00 GMT.
The EUR/USD exchange currency rate gained 45 pips or 0.39% during a minute, right after the release. The European Single Currency continued trading at the 1.1480 area against the US Dollar.
The Federal Reserve releases US FOMC Meeting Minutes where Fed officials provide in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates.
"In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes," the statement said.
Canadian data will end the week
The Canadian Employment data release will occur today at 13:30 GMT.Meanwhile, take into account that at 09:30 GMT on Monday the UK GDP and Manufacturing Production will be published. It will occur before the weekly calendar analysis stream.
Both of these events are scheduled to be covered by Dukascopy Analytics on our Dukascopy Webinars YouTube channel. The streams start ten minutes before the data release.
For more detailed info and a chance to ask questions watch the weekly calendar analysis by clicking on the link below.
EUR/USD hourly chart's review
On the hourly chart the EUR/USD is making attempts to pass the support of the pivot point at 1.1330.If the support gets passed, the rate would aim at the support levels near the 1.1300 mark. At that level a support line of an ascending pattern is located together with a monthly pivot point.
On the other hand, sideways trading might occur, as the rate consolidates its current positions and the resistance of the 55-hour simple moving average approaches the pair.
Hourly Chart
By looking at the daily chart it can be observed that the pair is close to the lower trend line of a dominant ascending pattern.
In the second half of January the trend line forced the currency exchange rate into the surge, which pierced the 1.1500 level.
It is expected that it will hold its ground and force the rate into a rebound. Although, always prepare for more than one scenario.
Namely, if the pair passes the support of the trend line it could fall freely as low as 1.1150, as there are no other support levels on the daily chart besides the weekly and monthly pivot points.
Daily chart
On Thursday, 68% of open EUR/USD positions were short on the Swiss Foreign Exchange.
Due to the increased volatility during the last trading session some stop losses were triggered, as it could be seen that 64% of positions were short on Friday.
Meanwhile, by looking at the pending orders in a 100-pip range above and below the current exchange rate one can see where the rate might move in the near future.
57% of pending orders are to buy.
In general, a majority of traders are still shorting the EUR/USD but have their stop losses and take profits close by.