On Friday morning, the rate was trading sideways above the 1.1800 level.
Economic Calendar Analysis
Today, the release of the US Retail Sales data at 12:30 GMT could cause an increase of volatility.
On Thursday, the Euro is bound to move due to the publication of the ECB Monetary Policy Statement and follow up ECP Press Conference.
On Friday, in the range from 07:15 GMT to 08:00 GMT, six European PMI data sets are expected to impact the value of the Euro.
Later on, at 13:45 GMT, the US Markit PMI data sets could impact the rate through the value of the US Dollar.
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
In the case that the rate recovers it would face the resistance of the 55-hour simple moving average at 1.1815 first. Afterwards, the 100 and 200-hour SMAs near 1.1830 could provide resistance. Above the SMAs, the 1.1850 level could provide resistance.On the other hand, a potential decline below the 1.1800 mark would look for support in the July low zone from 1.1773 to 1.1785.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the channel down pattern appears to have held the recent tests of its upper trend line. In the case that the pattern holds, the 2021 low levels near 1.1700 could be reached.Meanwhile, a potential move above the upper trend line of the pattern would have no technical resistance as high as the 1.2000 level, where a 23.60% Fibonacci retracement level is located together with the 100 and 200-day simple moving averages.
Daily chart
Read More: Technical Analysis
Long sentiment grows
On Thursday, on the Swiss Foreign Exchange traders open positions were long, as 60% of open position volume was in long positions.
On Friday, the open position volume changed and was 63% long.
On Friday, trader set up pending orders in the 100-pip range around the pair were 51% to sell the pair and 49% to buy the EUR/USD.