From a theoretical perspective, it is likely that some downside potential could prevail.
Economic Calendar Analysis
On Thursday, the European Central Bank will make a rate statement and publish a monetary policy statement at 11:45 GMT.
This event will be followed by the publication of the US Retail Sales and Unemployment Claims at 12:30 GMT.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Wednesday, the EUR/USD currency pair tested the Fibo 50.00% at 1.1454. During today's morning, the pair resumed to trade within the short-term ascending channel.From a theoretical point of view, it is likely that some downside potential could prevail in the market. In this case the exchange rate could target the lower channel line circa 1.1320.
Meanwhile, note that the rate could gain support from the weekly R1 and the 100-hour SMA near 1.1366. Thus, it is likely that the Euro could consolidate against the US Dollar in the short run.
Hourly Chart
On the daily candle chart, the rate pierced additional resistance from the trend line that connects the March and June high levels. Also, the rate faced the resistance from the Fibo 50.00% at 1.1445.
In the meantime, the daily simple moving averages indicate that the pair is overbought, as they are located below the 1.1150 mark.
Daily chart
Read More: Technical Analysis
Traders remain short on EUR/USD
Since Wednesday, on the Swiss Foreign Exchange 64% of all EUR/USD open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 56% to buy.