During the first half of Thursday's GMT trading hours, the EUR/USD traded between the support of the weekly S1 simple pivot point at 1.0788 and the 55-hour simple moving average near 1.0800.
In general, it was expected that the 55-hour SMA would push the rate through the support of the pivot point, and the rate would decline.
Economic Calendar Analysis
This week there are no more data releases scheduled, which could impact the EUR/USD.
In the meantime, take into account that the next week's event analysis is scheduled to be published late on Thursday.
This week's data is available. Click on the link below to see the historical data tables with the reactions to various events.
Read More: 17.02-21.02 Event Historical Reactions
EUR/USD hourly chart's review
In general, the 55-hour SMA has pushed the rate down since the start of February. Due to that reason it is expected to do it again.In this case, the rate would push the pair through the support of the weekly S1 simple pivot point at 1.0788. As this occurs, the rate should next aim at the monthly pivot point, which was located at 1.0751.
Hourly Chart
On the daily candle chart, the pair continues to sharply drop. It has no technical support as low as the monthly S3 pivot point at the 1.0751 level. The rate's decline could find support in this level.
In the meantime, the daily simple moving averages have been left far above the currency exchange rate above the 1.1060 level. It signals that the pair is oversold.
Daily chart
Read More: Technical Analysis
Swiss traders remain neutral on EUR/USD
Since the middle of Wednesday's trading, the open position volume on the Swiss Foreign Exchange has been balanced. 50% of volume was long and 50% was short.
Meanwhile, set up pending orders were set to buy, as 64% of orders in the 100-pip range were to buy and 36% were to sell.
On Wednesday, 59% of orders were to buy and 41% were to sell.