Moreover, the rate had no technical support as low as the 1.1600 level, which was strengthened by two simple pivot points.
Economic Calendar Analysis
On Thursday, as accustomed, at 12:30 GMT, the US weekly Unemployment Claims could cause a move. The range of reaction to this release is wide. Namely, 6.3 to 48.9 pips.
The week will end with a possible minor move from the US Durable Goods Orders at 12:30 GMT. EUR/USD could move 11.1 to 18.3 pips.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
Since late Wednesday trading hours, the rate was consolidating by trading just above the 1.1650 level, which provided support.In the near term future, the pair was expected to decline as soon as the resistance of the 55-hour SMA approaches signalling that the pair is no longer oversold and has finished its consolidation.
In the case of a decline, the rate would aim at the 1.1600 level, which would provide psychological support. In addition, the 1.1600 mark is strengthened by the monthly S2 simple pivot point and the weekly S3 pivot point.
Hourly Chart
On the daily candle chart, the rate has two additional close by technical levels. Namely, the 55-day simple moving averages was left above the rate near the 1.1750 level. In the meantime, the 100-day SMA was at 1.1470.
Daily chart
Read More: Technical Analysis
Traders remain neutral
Since Wednesday, on the Swiss Foreign Exchange trader open position volume was balanced.
Namely, 50% of all volume was in short positions and the other 50% was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were bullish, as 61% of orders were to buy.