By the middle of Thursday's trading hours, the currency pair was approaching the support levels that were located near the 1.1900 level.
Economic Calendar Analysis
There are no more notable events scheduled for this week. However, one can research the events that already occurred.
In the meantime, note that the next week's event analysis is bound to be published in the Fundamental Analysis section by 18:00 GMT. On Friday, the usual short version for each pair will be added to the daily Trading Ideas publications.
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
During Thursday morning hours, the EUR/USD currency pair tested the resistance level—the weekly R2 at 1.1936.It is likely that some upside potential could prevail in the market due to the support area formed by the 55-, 100– and 200-hour SMAs, as well the weekly R1 and PP in the 1.1856/1.1898 range.
Meanwhile, if the predetermined resistance level holds, the exchange rate could reverse south in the nearest future. In this case the rate could try to surpass the given support area.
Hourly Chart
On the daily candle chart, the EUR/USD has reached the upper trend line of the large scale channel down pattern.
Meanwhile, the 1.1920 level, which provided resistance in early November, has been pierced.
Daily chart
Read More: Technical Analysis
Traders remain short
On Wednesday, on the Swiss Foreign Exchange trader open positions were bearish, as 58% of open position volume was in short positions.
On Thursday, the sentiment was 60% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 65% to sell the pair.