In general, the rate was expected to trade above the 1.1080 level until the resistance of the 55 and 100-hour SMAs approach the pair.
Economic Calendar Analysis
On Thursday, the European Central Bank will announce its Main Refinancing Rate at 12:45 GMT. Also, the Monetary Policy Statement will be published.
On Friday, the German Flash Manufacturing and Services PMIs survey results will be published at 8:30 GMT.
Meanwhile, the week's scheduled event historical data tables have been published. Click on the link below to read the article.
Read More: 20.01-24.01 Event Historical Reactions
EUR/USD hourly chart's review
On Wednesday morning, the EUR/USD found support in the 1.1080 level and after it reached the resistance of the 55-hour simple moving average. The resistance was broken and in theory, the rate was set to reach for the 100-hour SMA near 1.1105.If the 100-hour SMA wails to stop the surge of the rate, the pair would once again test the pivot point and the 200-hour SMA from 1.1114 to 1.1118.
On the other hand, in the case of the rate failing to surge, the pair might get pushed into the 1.1080 level and afterwards the pivot points near 1.1065.
Hourly Chart
On the daily candle chart, the pair has passed the support of the 55-day SMA and the lower trend line of the channel up pattern, which has guided the rate since September.
In the meantime, take into account that the 100-day simple moving average was providing support near 1.1065.
Daily chart
Read More: Technical Analysis
Sentiment remains unchanged
Since the middle of Monday's London trading hours, 61% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, set up pending orders were neutral, as 51% of orders in the 100-pip range were to sell and 49% were to buy.