Despite the US Federal Reserve cutting interest rates, the EUR/USD remained near the previous trading session levels.
On Thursday morning, the EUR/USD was about to test the resistance of a monthly pivot point at 1.1069 and the psychological resistance of 1.1080.
No more data during this week.
This week there are no more notable data releases expected, which could impact the EUR/USD. On Friday, Dukascopy Analytics will publish an update to the Economic Calendar sections on Trading Ideas.
EUR/USD hourly chart's review
On Thursday morning, the EUR/USD was heading to the resistance of the monthly pivot point at 1.1069 and the psychological resistance of 1.1080.If the rate passes the resistance of these levels, in theory, the 1.1150 mark should be reached next. At that level the weekly R1 of the simple pivot points is located at.
On the other hand, a bounce off from the mentioned resistance levels would most likely force the pair into trading sideways, as the rate has strong support from 1.1049 to 1.1038. In that range the 55, 100 and 200-hour simple moving averages and the weekly pivot points were located.
Hourly Chart
On the daily candle chart, the rate continues to remain below the resistance line of a channel down pattern. If the pattern holds, the rate should eventually decline to the 1.0850 levels.
In general, the daily and the hourly candle charts contradict one another. The hourly is bullish and the daily is bearish.
Daily chart
Read More: Technical Analysis
Traders short the EUR/USD
Since Tuesday morning, 66% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, pending trade orders were almost neutral, as 52% of orders in 100 pips range around the current rate were to sell and 48% were to buy.