On Tuesday, the EUR/USD did not drop to the 200-hour SMA. Instead, it found support in the round level of 1.0950. Afterwards, the pair surged up to the resistance of the 55 and 100-hour simple moving averages.
On Wednesday morning, the pair had bounced off the SMAs and was heading down to once again test the support of the 1.0950 level.
Economic Calendar Analysis
EUR/USD hourly chart's review
As the EUR/USD had bounced off the resistance of the 55 and 100-day SMAs, it approached the previously broken support of the weekly simple pivot point at 1.0977.Hourly Chart
On Monday, 73% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions. By the middle of Wednesday's GMT trading hours, the sentiment was 70% short.
The sentiment had remained almost unchanged since March 20. Traders remained short despite the recovery of the EUR/USD that has been occurring since that day.
During the last three trading sessions, they were recovering some of their losses.