In the near term future, the currency exchange rate was expected to aim for the upper trend line of a channel down pattern near the 1.1025 level.
Economic Calendar Analysis
On Thursday, the US Advance GDP publication at 13:30 GMT is set to occur. The event has caused moves from 11.7 to 35.3 pips since October 2018.
The week's event historical data tables have been published. Click on the link below to read the article.
Read More: 27.01-31.01 Event Historical Reactions
EUR/USD hourly chart's review
Just before 12:00 GMT on Thursday, the EUR/USD passed the resistance of the 100-hour simple moving average near 1.1020. This was the last resistance before the upper trend line of a channel down pattern.In general, the rate was expected to find resistance in the upper trend line of the pattern near the 1.1025 level. If this trend line holds, the rate would start a decline and attempt to pass the support of the 55 and 100-hour SMAs.
On the other hand, if the pattern is broken, the pair could aim for the resistance of the 200-hour simple moving average near the 1.1050 level.
Hourly Chart
On the daily candle chart, one can see how the rate found support in the 1.1000 level two times in November. It can be observed that the rate can trade just below the level for more than one consecutive trading session before starting a surge.
Namely, the 1.1000 level can cause a surge back up to the 100-day SMA and the monthly S1 pivot point near 1.1065.
Daily chart
Read More: Technical Analysis
Short sentiment remains unchanged
Since the middle of Wednesday's GMT hours, 53% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, set up pending orders were neutral, as 52% of orders in the 100-pip range were to buy and 48% were to sell.
The orders were 54% to buy on Wednesday.