In the meantime, it was spotted that the rate was being supported by the 55-hour simple moving average, which was pushing the rate up.
Economic Calendar Analysis
On Thursday, as always the US Unemployment Claims at 12:30 GMT might cause a minor move of around ten pips.
The week will end with a monthly data release. The US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate are scheduled for 12:30 GMT. The event has caused moves from 19.4 to 51.8 pips on the EUR/USD charts.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
The rate was expected to be pushed up by the technical support provided by the 55-hour simple moving average. The SMA had approached the rate at mid-day on Wednesday and started to push it up.A surge of the rate could reach the resistance of the weekly simple pivot point at 1.1782 and afterwards the monthly pivot point at 1.1800. If these levels would get passed, the rate would have no technical resistance as high as the 1.1950 mark.
On the other hand, the pivot points might hold and force the EUR/USD to trade sideways.
Hourly Chart
On the daily candle chart, the rate was located below the resistance of the 55-day SMA at 1.1780. In addition, the rate could find resistance in the upper trend line of the channel down pattern, which captures the rate's September decline.
Daily chart
Read More: Technical Analysis
Traders remain neutral
Since Wednesday, on the Swiss Foreign Exchange trader open position volume was neutral, as 52% of open position volume was short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 74% to sell the pair.
Previously, the orders were 67% to sell.