During Thursday morning hours, the pair was testing the support formed by the 55-hour SMA and the weekly R1 at 1.1742.
Economic Calendar Analysis
On Thursday, pay attention to the US Advance GDP and the weekly US Unemployment Claims that should be published at 12:30 GMT.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Wednesday, the EUR/USD currency pair raised to the 1.1800 level. During today's morning, the pair was testing the support formed by the 55-hour SMAs and the weekly R1 at 1.1742.If the given support holds, it is likely that some upside potential could prevail in the market. Note that the exchange rate could face the resistance formed by the weekly R2 and the 2019 high circa 1.1810.
If the predetermined resistance holds, it is likely that the Euro could trade sideways against the US Dollar within the following trading session.
Hourly Chart
On the daily candle chart, the channel up pattern continues to guide the currency exchange rate higher. Note that its upper trend line could provide resistance near the 1.1830 level.
In the meantime, the daily simple moving averages indicate that the pair is overbought, as the closest by 55-day SMA is located near 1.1300.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Wednesday, on the Swiss Foreign Exchange 61% 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 set to buy in 60% of all cases.