The EUR/USD currency pair has reached the 2019 low at 1.0880. Given that the pair is pressured by the 55-hour moving average, some downside potential could prevail.
Note that the nearest possible support level - the weekly S2, is located at 1.0842.
Economic Calendar Analysis
This week's data is available. Click on the link below to see the historical data tables with the reactions to the events.
Today, the US CPI data sets are set to be published at 13:30 GMT. The EUR/USD has moved from 7.1 to 26.9 pips because of the release.
On Friday, the US Retail Sales data will be out also at 13:30 GMT. This event has caused moves on the EUR/USD pair since September 2019 from 8.7 to 25.4 base points.
Read More: 10.02-14.02 Event Historical Reactions
EUR/USD hourly chart's review
On Wednesday, the EUR/USD currency pair declined to the 2019 low at 1.0880. During today's morning, the pair was trading at the given level.Note that the exchange rate remains under pressured of the 55-hour SMA near 1.0900. Thus, some downside potential could prevail in the market. Note that the neatest support—the weekly S2, is located at 1.0842.
However, the currency pair could gain support of the monthly S2 at 1.0872 and reverse north in the nearest future. If the pair fails to surpass the given resistance, the Euro could consolidate against the Greenback in the short run.
Hourly Chart
On the daily candle chart, the pair is testing the support formed by the monthly S2 pivot point at 1.0872.
In the meantime, the rate has left the daily simple moving averages in the range from 1.1070 to 1.1120. It is a signal that the pair is oversold.
Daily chart
Read More: Technical Analysis
Traders gain from decline
On Thursday, 53% of open EUR/USD position volume on the Swiss Foreign Exchange was short.
Traders had been short since last Monday. Their short positions are most likely in the green.
Meanwhile, set up pending orders were neutral, as 50% of orders in the 100-pip range were to buy and 50% were to sell.