However, it appeared by mid-day on Thursday that the sideways trading is about to end.
Economic Calendar Analysis
On Friday, the week will end with the employment data release from the United States, on Friday at 12:30 GMT.
Next week, monthly US inflation and retail sales data sets are bound to be cause notable reactions, as they have done in the past. Namely, US CPI on Tuesday, US PPI on Wednesday and US Retail Sales on Friday are being released at 12:30 GMT.
In the meantime, the German Preliminary GDP could cause a reaction on Friday at 06:00 GMT, despite causing no notable moves and being ignored during the last year.
11.05-15.05 Event Historical Reactions
EUR/USD hourly chart's review
In the near term future, the sideways trading of the pair was expected to end. It was expected due to the approaching of the additional resistance of the 55-hour simple moving average. On Thursday morning, the SMA was located below the 1.0830 level.On the other hand, take into account that it could take the SMA until tomorrow to approach the rate. In addition, the monthly S1 simple pivot point at 1.0776 could stop a decline.
In the case of the S1 being passed, the rate should in theory next approach the weekly S2 simple pivot point at 1.0728.
Hourly Chart
On the daily candle chart, the rate was testing the low level of April and March near the 1.0775 mark. This level was expected to strengthen the support of the monthly S1 simple pivot point.
Daily chart
Read More: Technical Analysis
Short sentiment increases
At the middle of Tuesday's GMT trading hours, 71% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
By mid-day on Wednesday, the sentiment was 72% short. Traders have been gaining from the most recent decline.
On Thursday, the short sentiment had continued to grow, as 74% of volume was short.