During today's morning, the EUR/USD currency pair was trying to breach the resistance provided by the 55- and 100-hour moving averages.
If the given resistance holds, a reversal south could occur in the nearest future, and the pair could target the psychological level at 1.1000.
US CPI at 12:30 GMT
This week, there are couple events that could have an impact on the EUR/USD exchange rate.
Today, the US Consumer Price Index data will be released at 12:30 GMT. Previous release caused a 23-pip move.
Also, the ECB Monetary Policy Statement will be published at 11:45 GMT. On July 25, the event also caused a 23-pip move.
The week will end with the US Retail Sales release at 12:30 GMT on Friday, September 13. Last release caused almost a fifteen-pip move.
EUR/USD hourly chart's review
Yesterday, the EUR/USD currency pair declined to the psychological level at 1.1000. During Thursday morning, the pair was testing the resistance formed by the 55– and 200-hour SMAs circa 1.1030.If the given moving averages hold, it is likely that a reversal south could occur in the nearest future, and the exchange rate could target the given psychological level. However, this decline might not be immediate, as the rate has to surpass the 200-hour SMA and the weekly PP at 1.1015.
If the given resistance does not hold, the rate could re-test the upper boundary of the falling wedge pattern located circa 1.1040/1.1050. If the given pattern does not hold, a breakout north could occur, and the pair could target the monthly PP at 1.1069.
Hourly Chart
On the daily candle chart, a new descending channel pattern has been added. It represents the rate's decline since June.
In general, the pattern is expected to provide resistance to the rate during the next couple of weeks.
Daily chart
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Traders remain short
On Thursday morning, 61% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, pending trade orders were almost neutral, as 52% of orders in 100 pips range around the current rate were to buy and 48% were to sell.