As expected, the 55-hour simple moving average has pushed the EUR/USD down to the support of the weekly S1 simple pivot point at 1.0788.
By the middle of Wednesday's trading hours, the rate had begun to trade sideways near the 1.0800 level.
Economic Calendar Analysis
EUR/USD hourly chart's review
On the hourly candle chart, the pair has begun to trade sideways, as its decline was stopped by the weekly S1 simple pivot point at 1.0788. In the meantime, the 55-hour SMA was located near the 1.0820 level.Hourly Chart
Since Monday, 51% of open EUR/USD position volume on the Swiss Foreign Exchange was short.
By the middle of Wednesday's trading, the open position volume became balanced. 50% of volume was long and 50% was short.
Meanwhile, set up pending orders were neutral since Monday, as 51% of orders in the 100-pip range were to buy and 49% were to sell.
On Wednesday, 59% of orders were to buy and 41% were to sell.