In the meantime, the following decline of the EUR/USD reached the 1.1740 level, which provided the rate with support.
Economic Calendar Analysis
On Thursday, at 12:30 GMT, the US weekly Unemployment Claims could cause a move. Note that the two last releases caused, respectively, 20 and 40 pip moves.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
After finding support in the 1.1740 level during the early Thursday trading hours, the EUR/USD began a surge. During the morning hours, the recovery of the rate was expected to reach the 1.1800 level and afterwards test the combined resistance of three simple moving averages and the weekly simple pivot point near 1.1830/1.1840.If the rate manages to break these resistance levels, it would aim first at the monthly pivot point at 1.1867 and afterwards the 1.1900 mark, which provided resistance at the start of this week.
On the other hand, the rate could bounce off either 1.1800 or the SMAs. In this case scenario, the rate would resume its decline and first test the pivot points at 1.1765 and afterwards the 61.80% Fibonacci retracement level at 1.1700.
Hourly Chart
On the daily candle chart, the rate is out of the previously pierced channel up pattern. The rate had returned to trade in the pattern after it had pierced it at the start of September. On Thursday, September 17, the pattern was clearly broken.
In addition, note that the 1.1700 level was strengthened by the 55-day simple moving average.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Thursday, on the Swiss Foreign Exchange 52% of all EUR/USD open position volume was in short positions.
On Wednesday, the sentiment was 54% short. Traders had gone neutral by closing the some of their short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were bullish, as 56% of orders were to buy.