EUR/USD has continued to decline, as it was forecast in one of the previously described scenarios.
Namely, the FOMC Meeting Minutes release at 18:00 GMT began a decline, which by the middle of Thursday's trading session had reached the 1.1130 level.
In the near term the rate was expected to reach down to the 1.1125 level.
The European Common Currency traded sideways against the US Dollar, following the FOMC Meeting Minutes data release on Wednesday at 18:00 GMT. The EUR/USD exchange currency rate lost 4 pips or 0.04% right after the release. The Euro continued trading at the 1.1155 level against the Greenback.
The Federal Reserve released the FOMC Meeting Minutes data, where the US policymakers provide in-depth insights into the economic and financial conditions that influenced their vote on where to set interests rates.
The US policymakers showed that they were in no rush to change interest rates, despite the fact that the US economy remains to strengthen. Members of the Federal Open Market Committee voted on leaving the rates unchanged, as they continue to use "wait-and-see" approach.
Last event left for EUR/USD
The week will end with the US Durable Goods Orders and Core Durable Goods Orders on Friday at 12:30 GMT. This event has been rather non-eventful in the past half a year, as it has caused moves of only five to 18 pips.EUR/USD hourly chart's review
On Wednesday, the FOMC Meeting Minutes did not cause a sharp move on the hourly chart. However, it was the catalyst for a slow decline.In general, the rate has reached down to the 1.1130 level on Thursday, and it is expected to continue to decline until it reaches the support of the weekly S1 near 1.1121.
On the other hand, the rate should consolidate its decline and trade sideways or upwards.
Hourly Chart
On the daily candle chart, it could be seen that the resistance of the 55-day simple moving average has been left far above the rate.
Meanwhile, note that on the daily candle chart the lower trend line of a dominant pattern was located near the 1.1100 level.
Daily chart
Traders continued to short the EUR/USD on Thursday.
Namely, by the middle of the London trading session 67% of all open position volume on the Swiss Foreign Exchange was in short positions.
In addition, trader set up pending orders in the 100-pip range were bearish. Namely, 61% of all orders were to sell.