In the meantime, it was spotted that the rate respects the support of the 100-hour simple moving average and the weekly R1 simple pivot point at 1.1417.
FOMC Meeting Minutes and Rate Announcement
The Euro traded sideways against the US Dollar, following the FOMC Statement release on Wednesday at 18:00 GMT. The EUR/USD exchange currency rate gained 8 pips or 0.07% after the release. The Euro continued trading at the 1.1380 level against the Greenback after the release.
Despite the initial reaction being low, the hourly candle had a 100-pip volatility.
Economic Calendar Analysis
Economic calendars show the US PPI and Unemployment Claims on Thursday. The last PPI release caused a 4 EUR/USD pip move, which is below normal volatility.
EUR/USD hourly chart's review
On Wednesday, the EUR/USD currency pair pierced the monthly R2 at 1.1385. During today's morning, the pair was trading near the given level.It is likely that the exchange rate could gain support from the 55– and 100-hour SMAs near 1.1340, thus, trade upwards. In this case the rate could reach the Fibo 50.00% at 1.1454.
Meanwhile, note that the currency pair would have to surpass the weekly R1 at 1.1417. If the given level holds, it is likely that a reversal south could follow and the pair could re-test the given support.
Hourly Chart
On the daily candle chart, the rate appeared to be declining in the aftermath of a too sharp surge, which made the pair overbought. However, the bounce off on Tuesday revealed that the pair was consolidating by trading sideways between pivot points.
One of the indicators of the rate being overbought is the fact that the daily simple moving averages have been left near the 1.1000 mark.
Daily chart
On Thursday, on the Swiss Foreign Exchange 73% of all EUR/USD open position volume was in short positions.
By the middle of Wednesday's trading, the sentiment was 70% short.
Meanwhile, since Wednesday, trader set up pending orders in the 100-pip range around the pair were neutral, as 51% were set to sell.