By mid-day on Wednesday, the rate traded between the 1.0940 and 1.0950 levels.
Economic Calendar Analysis
Markit is going to publish the US Flash Manufacturing PMI survey results on Thursday, May 21, at 13:45 GMT.
Additionally, the German Flash Manufacturing and Services PMIs survey results are set to be issued on Friday, May 22, at 7:30 GMT.
EUR/USD hourly chart's review
During today's morning, the pair continued to test the weekly R1 at 1.0952.If the given resistance holds, it is likely that a reversal south could occur in the short run. In this case the exchange rate could face the support area formed by the weekly R1, the monthly PP, the 55-hour SMA and the Fibo 23.60% in the 1.0886/1.0908 range.
If the given resistance does not hold, it is likely that the Euro could appreciate against the US Dollar in the short term. Note that the nearest resistance level—the weekly R3, is located at 1.1008.
Hourly Chart
On the daily candle chart, the rate tested and failed to pass the resistance of the 100-day simple moving average at the 1.0971 level. This level needs to be passed for the EUR/USD to reach for the 1.1000 mark.
Daily chart
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Traders are short on EUR/USD
On Tuesday, on the Swiss Foreign Exchange 55% of all EUR/USD open position volume was in short positions.
Traders appeared to be expecting a retracement back down. The retracement occurred.
By mid-day on Wednesday, the sentiment was 63% short. It could have increased due to traders expecting the previously described resistance levels to push the pair down.