During Thursday's trading session, the EUR/USD currency exchange rate reached for the 1.1000 level. The round level provided psychological resistance and caused a retreat.
During the afternoon GMT trading hours, the retreat had found support in the wekly R3 pivot point at 1.0967.
Economic Calendar Analysis
On Friday, the Euro Zone CPI Flash Estimate is set to be published. It has caused moves from 4.7 to 10.6 pips.
It is a minor one due to the fact that components of this number are being released prior to it. Namely, Euro Zone countries release their data on their own before the combined Euro Zone CPI. The markets more or less already know what is set to be revealed and there is no surprise that could cause a market adjustment.
Meanwhile, next week's data is available. Click on the link below to see the historical data tables with the reactions to various events.
Read More: 02.03-06.03 Event Historical Reactions
EUR/USD hourly chart's review
There were to near term future scenarios for the pair after bouncing off the 1.1000 level. The pair was either going to pass the support of the weekly R3 simple pivot point or bounce off it.In the case of bouncing off it, another test of the 1.1000 level's resistance could be expected.
On the other hand, if the support level fails, there would be no other technical levels that could stop a decline as low as the 1.0916 level.
Hourly Chart
On the daily candle chart, the rate continues to retrace back up to the daily simple moving averages, which are located from 1.1040 to 1.1100. Namely, the daily chart indicates that the rate could reach for the 1.1040 level.
Daily chart
Read More: Technical Analysis
Traders short the pair
On Thursday, the traders of the Swiss Foreign Exchange went short on EUR/USD, as 60% of all open position volume was in short positions.
On Wednesday, 52% of volume was in short positions.
Meanwhile, set up pending orders were set to sell, as 68% of orders in the 100-pip range were to sell and 32% were to buy.
On Tuesday, 58% of orders were to sell and 42% were to buy.