Since the middle of Wednesday, the EUR/USD has traded near the 1.1080 level. At that level the weekly S1 pivot point is located at.
Meanwhile, note that the S1 had been pierced on Wednesday, indicating that the rate could decline.
The decline is most likely going to occur, as soon as the 55, 100 and 200-hour simple moving averages begin to move lower and push the rate down.
US Preliminary GDP on Thursday
On Thursday, at 12:30 GMT the US Preliminary GDP is scheduled to be published. The event has caused moves on EUR/USD charts from 6.4 to 11.9 pips since February.EUR/USD hourly chart's review
On the hourly candle chart watch the resistance of the simple moving averages. Namely, on the Dukascopy Analytics charts the 55, 100 and 200-hour simple moving averages are used.Hourly Chart
Since Wednesday, 62% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, pending trade orders were still neutral, as 50% of orders in 100 pips range around the current rate were to sell and 50% were to buy.