In the meantime, on Wednesday morning, the rate bounced off the support of the lower trend line and began a surge.
Economic Calendar Analysis
On Wednesday, note that some calendars show the FOMC Meeting Minutes at 18:00 GMT. This is a publication of the minutes without a rate statement. In the past, this event has not caused sharp moves, as the Meeting Minute impact comes on gradually while the markets read and analyse.
On Thursday, as always the US Unemployment Claims at 12:30 GMT might cause a minor move.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
By 09:00 GMT, the currency exchange rate had passed the resistance of the 100-hour SMA at 1.1750 and confirmed it as support. In the meantime, the rate had pierced the resistance of the 55-hour SMA at 1.1765.In general, the rate was expected to surge up to the pivot points near 1.1780 and after a short period pass them, as they did not held the rate down previously during this week. Afterwards, the rate could test the upper trend line of the channel up pattern near 1.1820.
On the other hand, take into account that the round exchange rate level of 1.1800 provided psychological resistance on Tuesday. It could do so again and keep the rate down.
Hourly Chart
On the daily candle chart, the rate has passed the resistance of a larger channel up pattern. This was possible, as the 55-day SMA moved out of the pattern's borders.
In the meantime, take into account that the resistance of the 55-day SMA could strengthen the 1.1800 mark.
Daily chart
Read More: Technical Analysis
Traders are short
On Tuesday, on the Swiss Foreign Exchange trader open positions were bearish, as 55% of open position volume was in short positions.
On Wednesday, the sentiment increased to 57% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 56% to sell the pair.
Previously, the orders were 69% to sell.