By the middle of Thursday's GMT trading hours, the currency exchange rate had reached below all close by technical support levels and touched the 1.1820 mark.
Economic Calendar Analysis
On Thursday, expect the usual US Unemployment Claims at 13:30 GMT.
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
It is likely that some downside potential could prevail in the market due to the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.1830/1.1860 area. Note that the nearest support level—the weekly S1, is located at 1.1749.However, if the predetermined resistance area does not hold, some upside potential could prevail in the market, and the currency pair could target the psychological level at 1.1900.
Hourly Chart
On the daily candle chart, the EUR/USD is trading in a large scale channel down pattern, which is almost horizontal. The pattern has been guiding the rate since the end of July.
Meanwhile, note that the 55 and 100-day simple moving averages were providing support at 1.1780 and 1.1740.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Tuesday, on the Swiss Foreign Exchange trader open positions were bearish, as 57% of open position volume was in short positions.
These traders had gained profits from the recent decline.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were538% to buy the pair.