The break out of the rising wedge on Wednesday quickly reached the 1.0860 mark, where it found support. In the meantime, the rate traded with high volatility, as it retraced back to 1.0940 before resuming its decline.
On Thursday, the rate traded in limbo around the 1.0880 level.
Economic Calendar Analysis
EUR/USD hourly chart's review
On the hourly candle chart it can be observed that the rate faces the resistance of the 200-hour simple moving average at the 1.0890 level. In addition, the weekly simple pivot point was located together with a 23.60% Fibonacci retracement level at the 1.0890 mark.Hourly Chart
On Tuesday, 75% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Wednesday's trading, 73% of volume was short, and, on Thursday, 71% of volume was short.
Most traders were gaining from the pairs decline, as it had declined below Tuesday's exchange levels. Some had positions in the green and other had already taken profits.