Note that the pair is supported by the 55-, 100- and 200-hour moving averages. Thus, some upside potential could prevail in the market.
Economic Calendar Analysis
Today, note the US Unemployment Claims at 12:30 GMT. Moreover, the US ISM Manufacturing PMI is scheduled to be published on Friday at 14:00 GMT.
Next week starts with the US ISM Non-Manufacturing PMI release on Tuesday 12:30 GMT. In addition, a minor move could be caused by the ADP Non-Farm Employment Change.
The week will end with the combined employment data release from the United States on Friday at 12:30 GMT.
EUR/USD hourly chart's review
On Wednesday, the EUR/USD currency pair tried to surpass the Fibo 23.60% at 1.0886. During today's morning, the pair re-tested the given level.It is likely that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs near 1.0840 and trade upwards in the short run. Note that the rate would also has to surpass the weekly R1 at 1.0905.
However, if the given resistance levels hold, it is likely that the Euro could consolidate against the US Dollar within the following trading session.
Also, it is unlikely that bears could prevail in the market, and the pair could decline below the weekly PP at 1.0816.
Hourly Chart
On the daily candle chart, the pair could find additional resistance in the 55-day simple moving average, which was located near the 1.0950 mark.
Meanwhile, the 100 and 200-day SMAs were located at 1.1010 and 1.1040.
Daily chart
Read More: Technical Analysis
Traders remain short
Despite the recent surge of the rate, traders continue to short the EUR/USD.
Since the middle of Tuesday's GMT trading hours, 74% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.