The EUR/USD has reached the targeted level of 1.1124.
The rate was expected to trade sideways above this level until the resistance of the hourly moving averages approaches and pushes the pair down.
The European Common Currency depreciated against the US Dollar, following the French Flash Services PMI data release on Wednesday at 07:15 GMT. The EUR/USD exchange currency rate lost 16 pips or 0.14% right after the release. The Euro continued trading at the 1.1144 level against the US Dollar.
Markit released the French Flash Services PMI, which came out worse-than-expected of 52.2 compared with the forecast of 52.7.
Also, note, that the German Flash Manufacturing and Services PMIs data were released on Wednesday at 7:30 GMT. The German Flash Manufacturing PMI data came out worse-than-expected of 43.1 compared with the forecast of 45.1. As the result, the Euro depreciated 15 pips or 0.13% against the US Dollar.
US data could impact pair
On Thursday, the ECB Monetary Policy Statement will be published at 11:45 GMT. Last time, this release caused a forty-pip move in the EUR/USD pair.
Also, the US Core Durable Goods Orders data will be released at 12:30 GMT. Previously, this data release caused only a four-pip move.
The week will end with the US Advance GDP data release on Friday at 12:30 GMT. The previous data release caused a 24-pip move.
EUR/USD hourly chart's review
During Wednesday, the EUR/USD currency pair traded sideways round the psychological level at 1.1140. During today's morning, the pair was testing the 2018/2019 minimum at 1.1124.If the given minimum holds, it is likely, that the exchange rate could reverse north. However, note, that the rate has to surpass the resistance level formed by the 55-hour SMA and the weekly S2 at 1.1152. If the given resistance holds, the pair could continue to consolidate.
If the given minimum does not hold, it is expected that the rate could decline to the weekly S3 at the 1.1103 mark. Also, note, that ECB Monetary Policy Statement data release could push the pair lower.
Hourly Chart
On the daily candle chart, the patterns have been crashed, as the currency exchange rate has passed the last support level.
Although, if one was short on the pair in the expectations of the rate touching the support line and rebounding, the profit is larger than expected.
Daily chart
On Wednesday, 63% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Thursday's trading session the sentiment was 61% short.
Meanwhile, trader set up pending orders in 100-pip range around the pair were bearish, as 56% of all orders were set to sell and 44% were to buy.