At the middle of Wednesday's European trading hours, the currency exchange rate was located below the 1.1790 level, where a weekly simple pivot point was left behind.
Economic Calendar Analysis
During the week, on Thursday, at 13:30 GMT USD pairs could move because of the release of the US Consumer Price Index and the Unemployment Claims. The rate could move up to 20 pips on the announcement.
On Friday, the US Producer Price Indices are scheduled to be released at 13:30 GMT. The EUR/USD has moved from 7.2 to 48.9 pips during the release of the PPIs.
However, the 48.9 pips move was an anomaly caused by other data being released together with the PPIs. Instead, expect a move from 7.2 to 12.2 pips.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
It is likely that the exchange rate could be pushed down by the 55-hour moving average near 1.1830. In this case the rate could face the support area formed by the 200-hour SMA, the Fibo 61.80% and the weekly S1 in the 1.1689/1.1760 range.If the predetermined support area holds, the currency pair could try to exceed the 55-hour SMA's resistance within the following trading session.
Hourly Chart
On the daily candle chart, the EUR/USD currency exchange rate had the additional support in the form of the 55-day simple moving average near the 1.1790 level.
On Wednesday, the rate was piercing this support level. If the rate clearly passes it, there will be no technical support on the daily candle chart as low as 1.1700.
Daily chart
Read More: Technical Analysis
Traders remain short
On Tuesday, on the Swiss Foreign Exchange trader open positions were bearish, as 57% of open position volume was in short positions.
On Wednesday, the sentiment was 56% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 72% to buy the pair.
The orders were 53% to buy on Tuesday.