On Wednesday, the EUR/USD reached the support of the 1.1000 level and the weekly S1 at 1.0994. Namely, the rate reached below the expected level.
At the pivot point, the rate found support and began a surge, which by the middle of Thursday's trading had reached the resistance of the 100-hour simple moving average at 1.1018.Economic Calendar Analysis
This week there are no more data releases, which might impact this rate.
In the meantime, if you are interested in catching a macroeconomic data move, take a look at the historical move tables.
In addition, note that next week's data tables are scheduled to be published later on Thursday.
Read More: 25.11-29.11 Event Historical Reactions
EUR/USD hourly chart's review
By the middle of Thursday's London trading session, the EUR/USD had reached the 100-hour SMA at 1.1018. The future was based upon what would happen at this level.If it fails to provide resistance and push the rate down, the rate would pass it and have no technical resistance as high as the 1.1045 level. At that level the 200-hour SMA and the weekly S2 of the simple pivot points were located at.
On the other hand, the pair might be pushed down by the 100-hour SMA. In that case support would be immediately provided by the 55-hour SMA at 1.1011. If this SMA fails to keep the rate up, the weekly S1 at 1.0994 should be reached again.
Hourly Chart
On the daily candle chart, the junior channel up pattern has been adjusted. It reveals that its lower trend line is located at the 1.1000 level.
If this level gets passed, on the daily candle chart there will be no technical support as low as 1.0800.
Daily chart
Read More: Technical Analysis
Traders short the EUR/USD
On Thursday, on the Swiss Foreign Exchange 66% of open EUR/USD position volume was in short positions.
Previously, since Tuesday, 67% of EUR/USD volume was short.
Meanwhile, pending trade orders were bullish, as 71% of orders in the 100-pip range were to buy and 29% were to sell.