On Thursday, the EUR/USD was sharply surging up, as the currency rate had reached the 1.1020 mark by 09:00 GMT.
In addition, the 1.1000 mark, which kept the rate down since October 3, has been passed, signaling that the pair might move even higher.
Economic Calendar Analysis
On Thursday, watch out for the ECB Monetary Policy Meeting Accounts at 11:30 GMT. In general, they have not caused sudden moves. Despite that the information revealed could break trends and create larger swings.
Also today, the US CPI will be released at 12:30 GMT. The event has caused moves from 13.3 to 26.9 pips since May. In addition, the reactions have been increasing each month.
Meanwhile, this week's notable event overview and historical data tables have been published. Click on the link below to see the article with the data.
Read More: 07.10-13.10 Event Historical Reactions
EUR/USD hourly chart's review
On Thursday morning, the EUR/USD made a sharp surge, which was paused at the 1.1020 mark.In general, the rate was expected to trade sideways in to consolidate its gains before resuming the surge. In the case of a surge, the rate would next test the weekly pivot point at the 1.1028 level.
On the other hand, a consolidation might turn into a retracement back down, as the pair has no technical support as low as 1.0977. At that level the 55 and 100-hour simple moving averages were located at.
Meanwhile, take into account that the 1.1000 level, which previously provided resistance, could support the rate in the case of a decline.
Hourly Chart
On the daily candle chart, the rate has broken the resistance of the long term descending channel pattern, which guided the rate since the end of June.
Meanwhile, the 55-day simple moving average was still sharply approaching the currency rate and could reach it during the week.
Daily chart
Read More: Technical Analysis
Traders remain short
On Thursday morning, 65% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, pending trade orders were mostly bearish, as 78% of orders in the 100-pip range were set to sell and 22% were to buy.
Previously, 57% of orders were to sell the EUR against the USD.