In the meantime, it was spotted that the support of the 1.1785 level had stopped the rate's Wednesday decline and caused the most recent tests of the mentioned resistance levels.
Economic Calendar Analysis
On Thursday, the US Preliminary GDP and the US Unemployment claims are set to be published. Due to these events usually not being released at the same time, the past reactions need to be combined.
Namely, in the case of the same direction surprise the volatility pips need to be added one to another. On the other hand, different results shown by each data set could cancel one another out.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
The rate is still being supported by the 1.1785 level, which caused the Monday, Tuesday and Wednesday surges that tested the resistance of the technical levels near 1.1840.Previously, it was expected that the rate could be pushed down by the 55 and 100-hour simple moving averages. However, since the middle of Tuesday's GMT trading hours, the rate has been ignoring these levels.
Due to that reason, it is expected that the rate could continue to trade between the 1.1785 and 1.1840 levels until a fundamental event causes a passing of one of the levels.
Hourly Chart
On the daily candle chart, the pair is consolidating in the borders of a channel up pattern. Take into account the strong cluster of support levels near 1.1710. Namely, the rate could meet at that level the weekly S1, 38.20% Fibonacci retracement level and the lower trend line of the channel pattern.
Daily chart
Read More: Technical Analysis
Short sentiment declines
On Wednesday, on the Swiss Foreign Exchange 68% of all EUR/USD open position volume was in short positions.
On Thursday morning, the sentiment was 65% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were set to buy in 54% of all cases.
Previously, the orders were 51% to sell.