However, after touching the pivot point, the pair recovered to the 1.1830 level. Up to the middle of Thursday's trading, the EUR/USD has been fluctuating sideways between the 1.1810 and 1.1830 levels.
Economic Calendar Analysis
This week, the EUR is expected to react to the publication of the European Central Bank's Monetary Policy Statement on Thursday 11:45 GMT. However, the reaction to the publication itself is rather low. Instead, most volatility can be expected at 12:30 GMT during the ECB Press Conference.
On Friday, at 12:30 GMT the rate could move due to the publication of the US Producers Price Index.
EUR/USD hourly chart's review In the case that the rate ends the sideways trading with a surge, the 55 and 200-hour simple moving averages near 1.1840 could provide resistance. Above these levels, the rate could find resistance in the 100-hour SMA and the weekly simple pivot point at 1.1855 and 1.1858.
On the other hand, a decline of the pair might find support in the weekly S1 simple pivot point at 1.1806 and the 1.1800 mark. Below the 1.1800 mark, the most close by technical level was the weekly S2 at 1.1731. Due to that reason, round exchange rate levels like the 1.1750 were more likely to provide support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has bounced off the zone that surrounds the 1.1900 level. The 1.1900 has kept the rate down since the start of July.Most recently, the rate found support in the 55-day simple moving average at the 1.1815 level. A passing of the SMA would leave the rate with no additional support on the daily candle chart as low as the 1.1707 level, where a 61.80% Fibonacci retracement level is located at.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Thursday, on the Swiss Foreign Exchange trader open positions were neutral, as 50% of open position volume was in long and short positions.
On Wednesday, the sentiment was 52% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 63% to buy the currency exchange rate.