During the 24 hours up to the writing of this article, the EUR/USD had failed at attempts to surge. The pair retreated until it found support in the 55-hour simple moving average.
The 55-hour SMA had been pushing the rate higher since the second part of Tuesday's GMT trading hours. In the near term future, the SMA was expected to push the rate into the resistance of various pivot points and the 200-hour simple moving average.
Economic Calendar Analysis
The week will end with the US Final GDP data release on Thursday at 12:30 GMT. A move from 5.2 to 12.9 pips has happened during this event since December 2018.
Meanwhile, this week's data is available. Click on the link below to see the historical data tables with the reactions to various events.
EUR/USD hourly chart's review
On Wednesday, the 55-hour SMA has continued to push the currency exchange rate higher. In the near term future, the pair was expected to test the resistance of a monthly pivot point at 1.0840, a weekly pivot point at 1.0859 and the 200-hour SMA near 1.0907.In the case of the resistance levels failing to keep the pair below the 1.0850 and 1.0900 levels, the rate should reach for the 1.0950 and afterwards the 1.0968 level, where a monthly simple pivot point is located at.
Meanwhile, if the resistance levels hold, the pair could decline below the 55-hour SMA and reach for the 100-hour SMA, which on Wednesday was supporting the 1.0750 mark.
Hourly Chart
On the daily candle chart, the rate has bounced off the support of the monthly S2 simple pivot point at the 1.0650 level. Afterwards, the bounce off the support level immediately met with the resistance of the monthly S1 pivot point at 1.0840. Since Friday, the rate has traded between these levels.
On Tuesday, the resistance of the monthly pivot point was pierced, signalling that a surge could occur in the future.
Daily chart
Since Friday, 73% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
On Tuesday, the sentiment had slightly changed, as 72% of open position volume was in shorts. By the middle of Wednesday's GMT trading hours, the sentiment was 73% short.
Traders remain short despite the recovery of the EUR/USD during the last three days.