On Wednesday, the EUR/USD traded near previous session's levels. In the meantime, take into account that the 55-hour SMA did not manage to push the rate down on Tuesday.
In regards to the near term future, the pair was still expected to reach for the support of the 1.1000 level.Economic Calendar Analysis
This week there are no more data releases, which might impact this rate.
In the meantime, if you are interested in catching a macroeconomic data move, take a look at the historical move tables.
In addition, note that next week's data tables are scheduled to be published on Thursday.
Read More: 25.11-29.11 Event Historical Reactions
EUR/USD hourly chart's review
Given that the exchange rate is pressured by the 55-hour moving average at 1.1016, it is likely that some downside potential could prevail in the market. Note that the rate could gain support from the weekly S1 at 1.0994.Also, it is unlikely that bulls could prevail, and the pair could exceed the 1.1034/1.1049 area due to the resistance formed by the 100– and 200-hour SMAs, as well the weekly PP.
Hourly Chart
On the daily candle chart, the rate has fallen below the support of the 55-day SMA and the lower trend line of an ascending channel pattern.
Namely, the rate now has only resistance on the daily candle chart. There are no levels supporting the pair.
Daily chart
Read More: Technical Analysis
Traders short the EUR/USD
Since Tuesday, on the Swiss Foreign Exchange 67% of open EUR/USD position volume was in short positions.
Meanwhile, pending trade orders were bullish, as 68% of orders in the 100-pip range were to buy and 32% were to sell.
The orders had remained unchanged since Tuesday.