The decline of the EUR/USD has continued in a descending channel pattern. By the middle of Thursday's trading session, the currency exchange rate had reached the support of the historical low level at 1.0930.
If the currency exchange rate passes this support level, it would have no technical support as low as the 1.0890 mark, where a cluster of technical levels was located at.
US Data Starts on Thursday
On Thursday, the US Final GDP will be published at 12:30 GMT. This event has caused moves on the EUR/USD from 5.2 to 26.4 pips since June 2018.
Note that during the last two releases the pair moved only 5.2 and 7.6 pips, which is irrelevant.
The week will end with the US Durable Goods Orders data release at 12:30 GMT. The event will consist of the release of US Durable Goods Orders and US Core Durable Goods Orders.
This event has caused almost insignificant moves since April, as the EUR/USD moved from 5.4 to 10.9 pips. Due to that it is concluded that this event that is tagged as high impact on economic calendars, is not notable enough to be watched.
EUR/USD hourly chart's review
During today's morning, the pair was trading near the 2019 low at 1.0930.If the given support holds, it is likely that the rate could reverse north in the nearest future. In that case, it would be unlikely that the rate could exceed the weekly S1 at 1.0979.
However, note that the currency pair is pressured by the 55-, 100– and 200-hour SMAs, currently located in the 1.0983/1.1019 area. Thus, it is likely that some downside potential could prevail in the market, and the pair could reach the 1.0920 mark.
Hourly Chart
On the daily candle chart, the rate's decline was consistent with the long term descending channel pattern. The rate has clearly broken off the upper trend line of the pattern.
The rate should continue to decline in the pattern until the middle of October.
Daily chart
Read More: Technical Analysis
Swiss Traders Short EUR/USD
On Thursday morning, 62% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, pending trade orders were set to sell, as 63% of orders in the 100-pip range were set to buy and 37% were to sell.
In general, traders are sitting on short positions with take profits and stop loss orders close by.