Wednesday's FOMC announcements and Press Conference caused a surge of the EUR/USD currency exchange rate to the 1.1140 level.
In the near term future, the rate was expected to consolidate by trading sideways or declining to the support of the pivot point at 1.1118.Economic Calendar Analysis
On Thursday, the European Central Bank is set to make its rate announcement at 12:45 GMT. The EUR/USD has moved from 5.9 to 57.6 on the announcement.
The week is set to end with the US Retail Sales data sets on Friday at 13:30 GMT. A move from 5.3 to 22.2 pips can be expected.
Meanwhile, the week's scheduled event historical data tables have been published. Click on the link below to read the article.
Read More: 09.12-13.12 Event Historical Reactions
EUR/USD hourly chart's review
On Wednesday, the EUR/USD currency pair skyrocketed to the monthly R1 at 1.1138. During today's morning, the pair reversed south.It is likely that some downside potential could prevail in the market, and the exchange rate could decline to the support formed by the 55-, 100– and 200-hour SMAs, currently located in the 1.1082/1.1101 area.
However, note that the currency pair could gain support of the weekly R1 at the 1.1118 mark. If the given support level holds, the Euro could consolidate against the US Dollar in the short run.
Hourly Chart
On the daily candle chart, the rate was approaching the resistance of the 200-day simple moving average. The SMA on Thursday was located at the 1.1157 level. In the near term future, the resistance level was expected to reach the 1.1150 mark.
Daily chart
Read More: Technical Analysis
Traders short the EUR/USD
Since Monday, on the Swiss Foreign Exchange 69% of open EUR/USD position volume was in short positions.
By the middle of Thursday's trading hours, the sentiment was 74% short.
Meanwhile, pending trade orders were mostly bearish, as 83% of orders in the 100-pip range were to sell and 17% were to buy.
More short positions could be opened.