On Wednesday, the EUR/USD traded near previous session's levels. In the meantime, take into account that the 55-hour SMA did not manage to push the rate down on Tuesday.
In regards to the near term future, the pair was still expected to reach for the support of the 1.1000 level.Economic Calendar Analysis
EUR/USD hourly chart's review
Given that the exchange rate is pressured by the 55-hour moving average at 1.1016, it is likely that some downside potential could prevail in the market. Note that the rate could gain support from the weekly S1 at 1.0994.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 bullish, as 68% of orders in the 100-pip range were to buy and 32% were to sell.
The orders had remained unchanged since Tuesday.