On Wednesday, the rate traded sideways before starting a retracement back up.
Economic Calendar Analysis
On Thursday, the weekly US Unemployment Claims will be out at 12:30 GMT. The EUR/USD has started to ignore this release since the middle of September. Since then, the publication causes a move of just around ten pips.
On Friday, the US Retail Sales data is capable of causing a slight increases of above normal volatility. However, in most cases the market barely reacts to this data. Namely, there are no sudden asset price and exchange rate adjustments.
The EUR/USD has moved from 7.6 to 19.7 pips on the release.
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EUR/USD hourly chart's review
Given that the exchange rate is pressured by the weekly S1 at 1.1748, it is likely that some downside potential could prevail in the market. Note that the nearest support level—the Fibo 61.80%, is located at 1.1707.In the meantime, it is unlikely that bulls could prevail in the market, and the currency pair could exceed the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the weekly and monthly PPs in the 1.1770/1.1790 range.
Hourly Chart
On the daily candle chart, it could be observed that the rate was ignoring the 55-day simple moving average. It initially failed to keep the rate down and afterwards did not provide support.
Daily chart
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Traders remain short
Since Thursday, on the Swiss Foreign Exchange trader open positions were bearish, as 58% of open position volume was in short positions.
The sentiment had slightly changed on Wednesday, as 57% of volume was short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to buy the pair.