The EUR/USD currency pair has been consolidating in the 1.0920 area since Monday . Given that the pair is pressured by the 55-hour moving average, some downside potential could prevail.
Note that the 2018/2019 low is located at 1.0880.
Economic Calendar Analysis
This week's data is available. Click on the link below to see the historical data tables with the reactions to the events.
On Thursday, the US CPI data sets are set to be published at 13:30 GMT. The EUR/USD has moved from 7.1 to 26.9 pips because of the release.
On Friday, the US Retail Sales data will be out also at 13:30 GMT. This event has caused moves on the EUR/USD pair since September 2019 from 8.7 to 25.4 base points.
Read More: 10.02-14.02 Event Historical Reactions
EUR/USD hourly chart's review
On Tuesday, the EUR/USD currency pair consolidated in the 1.0920 area. During today's morning, the pair maintained its consolidation.Note that the exchange rate is pressured by the 55-hour moving average, currently located near 1.0920. Thus, some downside potential could prevail in the market in the short term.
However, note that the currency pair could gain support from the weekly S1 at 1.0895. Thus, the Euro could continue to consolidate against the Greenback in the short run.
Hourly Chart
On the daily candle chart, as the support of the 1.1000 level has been passed, the pair has no support as low as the monthly S2 pivot point at 1.0872.
In the meantime, the rate has left the daily simple moving averages in the range from 1.1070 to 1.1120. It is a signal that the pair is overbought.
Daily chart
Read More: Technical Analysis
Traders gain from decline
On Wednesday, 54% of open EUR/USD position volume on the Swiss Foreign Exchange was short.
Traders had been short since last Monday. Their short positions are most likely in the green.
Meanwhile, set up pending orders were neutral, as 52% of orders in the 100-pip range were to buy and 48% were to sell.