By the middle of Wednesday's trading session, the EUR/USD had traded sideways. The rate fluctuated between the support of the 55-hour simple moving average at 1.1092 and the resistance of a monthly pivot point and the 100-hour SMA near 1.1100.
In general, a break out was expected to occur. If the rate breaks out to the upside, a weekly pivot point at 1.1130 would be targeted. On the other hand, a decline could aim at the support level at 1.1030.Economic Calendar
EUR/USD hourly chart's review
The EUR/USD is squeezed in between the 55-hour SMA from below and the 100-hour SMA with a pivot point above it.Hourly Chart
Since Tuesday, on the Swiss Foreign Exchange 67% of open EUR/USD position volume was in short positions.
Meanwhile, pending trade orders were neutral, as 50% of orders in 100 pips range around the current rate were to buy and sell.
Previously, on Tuesday, trader set up pending orders in 100-pip range around the pair were strongly bearish, as 78% of all orders were set to sell and 22% were to buy.