On Thursday morning, the EUR/USD met with the resistance of the 55-hour simple moving average at 1.1084. It occurred in the aftermath of a bounce off from the support of the 1.1060 level.
In general, if the resistance of the SMA fails, the rate would reach for a pivot point at 1.1100. On the other hand, in the case of a decline, support could be provided by the pivot points at 1.1071 and 1.1037.Economic Calendar Analysis
EUR/USD hourly chart's review
On Wednesday, the EUR/USD currency pair tried to surpass the 1.1060 level. During today's morning, the pair was trading at the 1.1075 mark.Hourly Chart
On Thursday, 71% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
The sentiment had been near this level since Monday.
Meanwhile, pending trade orders were to mostly to buy, as 80% of orders in the 100-pip range were to buy and 20% were to sell. Previously, the orders were 78% bullish.
The situation has not changed since Wednesday. Traders have gained profits from the decline of the pair, but have not booked them. In the meantime, the pending orders indicate that stop losses and take profits of the short positions are close by.
Moreover, some intend to open long positions in the case of a surge.