However, it could be observed that the SMA's support was being pierced, as the rate shortly fluctuated below it, which signalled an upcoming decline.
Economic Calendar Analysis
On Thursday, at 12:30 GMT the weekly US Unemployment Claims are set to be released. They could create above average volatility.
On Friday, the US Producer Price Index and US Core Producer Price Index are set to be released. In the recent past they have not caused notable volatility.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
There are two possible short term scenarios for the EUR/USD, which depend on what would happen at the 100-hour simple moving average.In the case of the SMA failing to provide support, the pair would decline. A decline would first reach for the support cluster near the 1.1250 level. Near that level there are the simple weekly and monthly pivot points and the 200-hour SMA.
On the other hand, the pair could find support in the 100-hour SMA and surge. A surge could be slowed down by the 55-hour SMA, the 1.1300 level and the simple weekly R1 pivot point at 1.1308.
Hourly Chart
On the daily candle chart, the currency exchange rate has broken the resistance of the channel down pattern that captures the decline, which was caused by additional monetary easing from the ECB.
On Wednesday morning, the pair confirmed the prior resistance line of the pattern as support. In the meantime, the daily simple moving averages indicate that the pair is overbought, as they are located below the 1.1100 mark.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Tuesday, on the Swiss Foreign Exchange 62% of all EUR/USD open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 61% to buy.
Orders were 59% to buy on Tuesday.