Initially, the pair surged to the 23.60% Fibo at 1.0886, from which it bounced off and declined as low as the 1.0805 level.
In regards to the future, the pair had pierced the 1.0800 level, which signaled another decline.
Economic Calendar Analysis
Today, 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 Thursday morning, the release of the German and Euro Zone Purchasing Manager Indices caused a drop of the EUR/USD below the support of the 1.0800 level and the weekly S1 simple pivot point at 1.0797.In regards to the future, the pair was expected to decline, as after passing the above mentioned support levels the rate had no support. The most close by support was the weekly S2 pivot point at 1.0715.
However, the pair could first trade sideways to consolidate the decline. Sideways trading would end as soon as the resistance of the 55 and 100-hour SMAs approach the rate.
Hourly Chart
On the daily candle chart, the pair tests the support of the 1.0780 level, which caused reversals of the rate's direction in February and April
Due to that reason it is assumed that this level should be broken first before the pair declines to the S2 weekly simple pivot point.
Daily chart
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Traders continue to gain
On Tuesday, 74% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
On Wednesdays, the sentiment was 73% short. By the middle of Thursday's GMT trading hours, 72% of volume was short.
Traders had been short since the start of the previous week, as the rate bounced off the resistance of the 55-day SMA. It is assumed that they have gained profits during this time.