On Thursday morning, the pair bounced off the 1.1760 level and began a new decline.
Economic Calendar Analysis
On Thursday, at 12:30 GMT two events will be released that the financial media will talk about. However, recently both of them have not caused notable moves.
Namely, the US Advance GDP caused a move below ten pips on the EUR/USD in July. In the meantime, the weekly Unemployment Claims have been quite rarely creating a move above ten pips on the mentioned rate. Dukascopy Analytics uses the 10 pips in 10 minutes, as a criteria due to it being the normal volatility of the pair.
On the same day, at 12:45 GMT expect the European Central Bank to announce its Main Refinancing Rate, which has been a zero since March 10 of 2016. Despite that, the economic calendars show it.
What matters is not the rate, but the Monetary Policy Statement of the ECB that is published at the same time. The statement released in a pdf document includes an important number - the ECB Asset Purchase Facility or the sum of how much the ECB is buying up assets.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
The previous forecast remains intact, as the rate consolidated. Namely, the EUR/USD was expected to continue its decline, as it had no technical support as low as 1.1700. At that level the rate would find psychological support. In addition, a 61.80% Fibo was strengthening the support at 1.1707.In the case of the support of the 1.1700 mark holding, the rate would either trade sideways above it or retrace back up to the weekly S1 simple pivot point at 1.1752 and the 1.1760 mark.
On the other hand, in the case of the 1.1700 level failing, the rate would have no support as low as the weekly S2 pivot point at 1.1639.
Hourly Chart
On the daily candle chart, the pair has dropped below the support of the 55-day simple moving average, which kept the rate up for a week. On Wednesday, this level began to provide resistance.
In the meantime, take into account that the support of the 100-day simple moving average was approaching the rate near the 1.1650 level.
Daily chart
Read More: Technical Analysis
Traders remain short
On Thursday, on the Swiss Foreign Exchange trader open positions were bearish, as 56% of open position volume was in short positions.
On Wednesday, the sentiment was 57% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 65% to buy the pair.