Previously, on Wednesday, the US reached the support of the 200-hour simple moving average above the 1.0900 mark.
On Thursday, the EUR/USD was being pushed up by the 200-hour SMA and was about to face the resistance of the 55-hour SMA and the weekly simple pivot point at 1.0977.
Economic Calendar Analysis
EUR/USD hourly chart's review
At the start of Thursday's European trading hours, the EUR/USD was trading above the support of the 200-hour simple moving average. In the meantime it faced the resistance of the weekly pivot point and the 55-hour SMA at 1.0977. In addition, Dukascopy Analytics spotted a channel down pattern, which has been guiding this week's decline.Hourly Chart
By the middle of Thursday's GMT trading hours, 71% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
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 previous trading sessions, they were recovering some of their losses.