By the middle of Thursday's European trading hours, the EUR/USD passed the resistance of the weekly pivot point at 1.1790 and the 55-hour SMA at 1.1798. Next resistance was the 100-hour SMA.
Economic Calendar Analysis
During the week, on Thursday, at 13:30 GMT USD pairs could move because of the release of the US Consumer Price Index and the Unemployment Claims. The rate could move up to 20 pips on the announcement.
On Friday, the US Producer Price Indices are scheduled to be released at 13:30 GMT. The EUR/USD has moved from 7.2 to 48.9 pips during the release of the PPIs.
However, the 48.9 pips move was an anomaly caused by other data being released together with the PPIs. Instead, expect a move from 7.2 to 12.2 pips.
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
In regards to the near term future, the EUR/USD was expected to reach for the resistance of the 100-hour simple moving average, which was located near the 1.1825 level.If the SMA holds, the rate would retrace down to the combined support of the weekly pivot point and the 55-hour SMA near the 1.1790 level.
On the other hand, in the case of the SMA failing, the currency exchange rate would most likely retest the resistance of the 1.1900 mark.
Hourly Chart
On the daily candle chart, the EUR/USD rate had pierced the support of the 55-day simple moving average. It was not expected to continue to provide support or resistance in the near term future.
Meanwhile, take into account that the 100-day simple moving average was located at the 61.80% Fibonacci retracement level at 1.1707.
Daily chart
Read More: Technical Analysis
Short sentiment is intact
On Thursday, on the Swiss Foreign Exchange trader open positions were bearish, as 55% of open position volume was in short positions.
On Wednesday, the sentiment was 56% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 54% to sell the pair.
The orders were 72% to buy on Wednesday.