By the middle of Wednesday's trading hours, the currency exchange rate had reached the resistance of the weekly R1 simple pivot point at 1.1974.
Economic Calendar Analysis
On Thursday, the US Retail Sales and Core Retail Sales are also bound to influence the value of the US Dollar. The rate has moved from 9.4 to 15.3 pips on the release.
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
If the rate manages to pass the resistance of the weekly R1 simple pivot point at 1.1974, the EUR/USD would aim first for the 1.2000 and afterwards the 1.2046 level.On the other hand, a holding of the pivot point would most likely result in a decline to the possible support of the 1.1940 level and afterwards the 55 and 100-hour simple moving averages.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the recovery of the rate had reached the resistance of the 55-day simple moving average, which has approached the rate from above. Namely, the pair faces resistance at 1.1973.Daily chart
Read More: Technical Analysis
Short sentiment grows
On Tuesday, on the Swiss Foreign Exchange trader open positions were short, as 54% of open position volume was in short positions.
On Wednesday, 57% of volume was short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 74% to sell the pair.