In the near term future, the rate was expected to gradually reach the zone of resistance at 1.2168/1.2188. However, it was set to face resistance of round exchange rate levels at 1.2140 and 1.2160.
Economic Calendar Analysis
The week will end for the EUR/USD with the US PMIs at 14:45 GMT. The release could cause a move from 7.8 to 26.4 pips.
Next week, only the US Preliminary GDP on Thursday at 13:30 GMT is expected to cause a notable move. The EUR/USD has moved from 6.3 to 15.1 pips on the announcements since November 2019.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
On Friday morning, the EUR/USD passed the resistance of the weekly simple pivot point and the 100 and 200-hour simple moving averages, which were located near the 1.2100 level.In the near term future, the rate was expected to test the resistance of the weekly R1 simple pivot point at 1.2175. In addition, note that the 1.2180 level should provide resistance, as it had done so in the recent past.
If the 1.2175/1.2180 zone holds, the rate should decline back to the 1.2100 mark. On the other hand, the weekly R3 at 1.2227 could be reached in the case of a breaking of the mentioned resistance levels.
Hourly Chart
On the daily candle chart, the rate has once again broke out of the borders of the 2021 channel down pattern.
In the case of the rate properly breaking out of the pattern, it could test the late January high level at 1.2200. This level caused the rate's January 20/February 5 decline.
Meanwhile, take into account that there is additional support on the daily candle chart at the 1.2000 mark. Namely, a 23.60% Fibonacci retracement level and the 100-day simple moving average were strengthening this level.
Daily chart
Read More: Technical Analysis
Traders are neutral
Since Thursday, on the Swiss Foreign Exchange trader open positions were neutral, as 51% of open position volume was in long positions.
The sentiment has gradually went to the bullish side since being 55% short on Monday.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 74% to sell the pair.
The orders were 57% to buy on Thursday.