Since the second part of Thursday's GMT trading hours, the EUR/USD has traded sideways between the 1.1150 and 1.1200 levels.
Previously, the rate almost reached the 1.1050 level, which was a new recent low level.
Economic Calendar Analysis
Next week, on Tuesday, the US Retail Sales could cause a small move in the markets at 14:30 GMT.
On Wednesday, the event of the week is set to occur, as at 20:00 GMT the FOMC Statement and Federal Funds Rate are going to be published.
Meanwhile, Dukascopy Analytics are not publishing the historical reactions this week, as the market environment has changed to such a degree that the historical data is unlikely to be relevant.
EUR/USD hourly chart's review
On Thursday, the EUR/USD currency pair tested the support level formed by the weekly S1 at 1.1097. During today's morning, the pair tested the resistance formed by the Fibo 23.60% and the weekly PP at 1.1220.Note that the exchange rate could be pressured down by the 55– and 200-hour SMAs located near 1.1260 to the psychological level at 1.1000.
However, if the weekly S1 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 rate no longer is overbought, as it has retraced back down to the daily simple moving averages.
Daily chart
Read More: Technical Analysis
Short sentiment increases
On Thursday, 70% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Friday's GMT trading hours, the sentiment was 72% short.