The ECB data was set to be out at 11:45 GMT. All attention was set on it.
Economic Calendar Analysis
On Thursday, at 11:45 GMT, the European Central Bank would publish its Main Refinancing Rate, which most likely would remain at 0.00%. However, despite the rate remaining unchanged, since March, the rate has moved from 16.9 to 82.6 pips on the announcement.
On the same day, at 12:30 GMT a group of minor US data sets is scheduled to be published. The set will consist of US Producers Price Index, Core Price Index and Unemployment claims. In most cases these data releases cause insignificant moves.
The week will end with the publication of the US Consumer Price Index and Core Consumer Price Index changes. This event had been insignificant and did not cause increases of volatility since April. However, in August, there were notable moves on all USD pairs.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
From the one hand, it is likely that the exchange rate could gain support from the 55– and 100-hour SMAs in the 1.1800 area. Thus, some upside potential could prevail in the market. In this case it is unlikely that the rate could exceed the weekly PP at 1.1877.In the meantime, note that the currency pair would have to exceed the 200-hour moving average near 1.1850. If the given resistance holds, it is likely that the pair could trade sideways in the short term.
Hourly Chart
On the daily candle chart, the rate has pierced the support of a large scale channel up pattern.
In the meantime, the rate can be considered oversold on the daily candle chart, as daily simple moving averages were located far below the pair.
Daily chart
Read More: Technical Analysis
Traders keep short positions
Since Wednesday, on the Swiss Foreign Exchange 54% of all EUR/USD open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were neutral, as 52% of orders were to buy.
Previously, the orders were 67% to buy.