The EUR/USD has declined and firmly trades below 1.0900. Most recently, the 1.0900 mark and the weekly S1 simple pivot point at 1.0906 were confirmed as resistance.
Economic Calendar Analysis
This week, notable events are over. Next week, there will be additional data that could impact the currency rate.
EUR/USD hourly chart analysis
The ongoing decline could find support in the Wednesday's low level at 1.0845, before the pair approaches the 1.0820/1.0830 range and the weekly S3 simple pivot point at 1.0816. Further below, note that the 1.0800 mark is expected to act as support.On the other hand, a recovery of the Euro against the US Dollar is set to face the weekly S2 at 1.0863. Higher above, the 50-hour simple moving average and the 1.0875/1.0890 range are expected to act as resistance. Afterwards, the 1.0900 mark and 1.0906 level could be tested.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the lower trend line of the channel pattern and the 50-day simple moving average have failed to hold through the last decline. After the breaking of the pattern, the 200-day simple moving average appeared to be acting as support.Daily chart
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Traders are shorting
On Thursday, traders were 53% short, as that proportion of all open position volume was in short positions.
Meanwhile, pending orders in the 100-pip range around the pair were 59% to buy.