On Thursday, it was expected that the pair would once again test the resistance of the 1.1000 mark.
Economic Calendar Analysis
Markit is going to publish the US Flash Manufacturing PMI survey results on Thursday, May 21, at 13:45 GMT.
Additionally, the German Flash Manufacturing and Services PMIs survey results are set to be issued on Friday, May 22, at 7:30 GMT.
EUR/USD hourly chart's review
On Thursday, the rate found support in the 55-hour SMA and the weekly R2 simple pivot point at 1.0952.In theory, the rate should surge and once again test the resistance of the 1.1000 mark. In addition, note that this level is strengthened by the weekly R3 simple pivot point at 1.1008.
On the other hand, the rate could trade sideways just above the 1.0950 level.
Hourly Chart
Eventually, on the daily candle chart, on Wednesday, the pair managed to pass the resistance of the 100-day simple moving average.
In the meantime, take into account that the 200-day SMA was providing resistance at the 1.1015 level.
Daily chart
Read More: Technical Analysis
Short sentiment continues to grow
On Tuesday, on the Swiss Foreign Exchange 55% of all EUR/USD open position volume was in short positions.
By mid-day on Wednesday, the sentiment was 63% short.
Moreover, on Thursday, 70% of open position volume was short.