By the middle of Wednesday's GMT trading hours, the currency exchange rate traded in limbo around the 55 and 100-hour SMAs near 1.0860.
Economic Calendar Analysis
Data that might impact the EUR/USD is bound to start being released on Thursday at 07:30 GMT. At that time, the German Markit Flash Manufacturing and Services PMIs are bound to be released. The pair could move around 20 pips on the announcement.
Afterwards, at 08:00 GMT the Euro Zone PMIs could also cause a move of around 20 base points. Prior to the coronavirus crisis, the event caused moves around five pips in five minutes. In fact a five pip move during five minutes on the EUR/USD is considered as a reduced volatility period.
On the same day, at 12:30 GMT, the US Unemployment Claims are scheduled to be released. Most likely, the event would reveal another major decline in US employment.
Also on Thursday, at 13:45 US Manufacturing PMI could cause a move, as in February and March it created 32.5 and 23.0 pip moves.
Last but not least, a notable reaction of above then pips could be created by the US Durable Goods orders.
EUR/USD hourly chart's review
On Wednesday, the EUR/USD traded near the 1.0860 level, as it bounced around the 55 and 100-hour simple moving averages. The currency exchange rate had two possible future scenarios.In the case of a surge, the pair would test the resistance of the 23.60% Fibonacci retracement level at the 1.0886 level, the weekly simple pivot point at 1.0894 and the 200-hour SMA at 1.0895.
On the other hand, if a decline occurs, the rate should pass the support of the 55 and 100-hour SMAs. Afterwards, another test of the 1.0820 level's support could occur.
Hourly Chart
On the daily candle chart, the rate bounced off the resistance of the 55-day simple moving average, which is located at the 1.0970 level.
In regards to the future, the pair was expected to test the support of the 1.0780 level, which caused reversals of the rate's direction in February and April
Daily chart
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Traders remain short
On Tuesday, 74% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Wednesday's trading the sentiment was 73% short.
Traders had been short since the start of the previous week, as the rate bounced off the resistance of the 55-day SMA.