The EUR/USD ended sideways trading by declining. However, the decline quickly ended with a sharp fundamental surge.
The surge up to the levels just below 1.1110 was caused by better than forecast European Flash Markit PMI data. Namely, French and German Manufacturing and Services Markit PMIs were better than expected.
A full report of the event is bound to be published in the Fundamental Analysis section on the Dukascopy website in the near future.
Economic Calendar
EUR/USD hourly chart's review
The surge of the EUR/USD caused by the PMIs has pushed the rate above the 1.1100 level. This level previously provided strong resistance and was the reason for the rate declining prior to the data release.Hourly Chart
Since Tuesday, on the Swiss Foreign Exchange 67% of open EUR/USD position volume was in short positions.
The sentiment had changed by Thursday, as during the morning hours 65% of open position volume was short.
Meanwhile, pending trade orders were bearish, as 55% of orders in 100 pips range around the current rate were to sell and 45% were to buy.