During Wednesday morning, the EUR/USD currency pair was surpassed the resistance formed by the 200-hour SMA, as well the weekly PP at 1.1140.
Given that the pair is supported by the 55- and 100-hour SMAs, it is likely that some upside potential could prevail.Economic Calendar Analysis
This week's scheduled event historical data tables have been published. Click on the link below to read the article.
Read More: 13.01-17.01 Event Historical Reactions
EUR/USD hourly chart's review
On Tuesday, the EUR/USD currency pair re-tested the 1.1110 level. During today's morning, the pair was trading at the 1.1130 mark.Note that the exchange rate is pressured by the 200-hour SMA and the weekly PP at 1.1139. Thus, it is likely that some downside potential could prevail in the market.
On the other hand, the currency pair could gain support of the 55– and 100-hour SMAs, located at 1.1131 and 1.1121 respectively, and go upwards. In this case the pair could face the resistance level—the monthly PP at 1.1153.
Hourly Chart
On the daily candle chart, the pair has support. It is kept up by the 55-day simple moving average and the lower trend line of the last five month surge.
It appears that the hourly and daily candle charts contradict one another. Due to that reason a squeeze between support and resistance levels is expected.
Daily chart
Read More: Technical Analysis
Traders remain short
On Wednesday, 63% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, set up pending orders were bearish, as 78% of orders in the 100-pip range were to sell and 22% were to buy.