The EUR/USD found support in the 100-hour simple moving average above the 1.1050 level. This event caused a surge, which by the middle of Thursday's trading session had reached the 1.1090 level.
From a technical perspective, the rate was expected to continue to surge, as the most close by technical resistance was located at the 1.1100 level.Economic Calendar Analysis
On Friday, the German and Euro Zone Manufacturing and Services Purchasing Manager's Indices are set to be published. German data will be out at 08:30 GMT. Euro Zone data will be out at 09:00 GMT.
The week's reaction tables have been published. Take a look at the 18.11-22.11 Event Historical Reactions publication.
Read More: 18.11-22.11 Event Historical Reactions
EUR/USD hourly chart's review
On Thursday morning, the EUR/USD surged above 1.1080, where it paused its surge, as it had sharply jumped from 1.1074.From a technical perspective, in the near term future the pair should reach for the 1.1100 level. This level would provide psychological resistance on its own and is strengthened by the R2 of the simple weekly pivot points.
On the other hand, the rate could trade sideways until the support of the hourly simple moving averages approaches it and pushes the rate higher.
Hourly Chart
On the daily candle chart, the pair has reached the resistance of the 100-day simple moving average at 1.1092. This level is responsible for stopping the surge on Thursday morning.
This level and the daily candle chart have to be watched for signals when the rate would approach the 1.1100 level.
Daily chart
Read More: Technical Analysis
Traders short the pair
On Thursday, on the Swiss Foreign Exchange 70% of open EUR/USD position volume was in short positions.
The sentiment has been slowly growing throughout the week.
Meanwhile, pending trade orders were bearish, as 57% of orders in the 100-pip range were to sell and 43% were to buy.
Previously, the orders were 55% short.