On the EUR/USD charts it resulted in a drop down to the 1.0860 level. During the move the pair returned back below the cluster of technical levels at 1.0915/1.0930 and the 1.0900 mark.
Economic Calendar Analysis
On Friday, at 12:30 GMT, the US Core PCE Price Index is set to impact the US Dollar.
EUR/USD hourly chart
An extension of the ongoing Euro decline against the US Dollar could look for support in the 1.0840 and 1.0820 levels and the weekly S1 simple pivot point at 1.0820, prior to reaching the 1.0800 mark.On the other hand, the rate could retrace back up due to being oversold. In this case scenario, the EUR/USD would face the resistance of the 1.0900 mark. Higher above, the combination of the weekly simple pivot point and the 50, 100 and 200-hour simple moving averages could stop a surge.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has been ignoring the support and resistance zone at 1.0910/1.0940. Meanwhile, the rate appears to have resumed to respect the 50-day simple moving average near 1.0860. In addition, note the approaching 100-day simple moving average near 1.0850.Daily chart
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Traders are short
On Wednesday, trader open positions were bearish, as 61% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 60% to sell the Euro against the USD.
On Thursday, positions were 62% short and orders were 58% to sell.