Meanwhile, it was spotted that since Tuesday Dukascopy traders have been short and are taking advantage of the decline.
Economic Calendar Analysis
On Friday, take into account that the release of the European, United Kingdom and United States Markit Manufacturing and Services Purchasing Managers Indices are set to be published and impact respectively the Euro, Pound and the US Dollar. The publications are scheduled to be done throughout the day.
EUR/USD hourly chart analysis
An extension of the decline could result in the EUR/USD looking for support in the 1.0850 level, before reaching the combination of the weekly simple pivot point at 1.0831, the 200-hour simple moving average and the 1.0825/1.0830 range. Below these levels, the 1.0800 could provide support, before the 1.0750 level and the weekly S1 simple pivot point are reached.In the case of the resumption of the broader surge of the Euro against the US Dollar, the pair would have to pass the 50-hour simple moving average at 1.0930 and the mentioned 1.0950/1.0965 range. Higher above, note the combination of the 1.1000 mark and the weekly R1 simple pivot point at 1.0997.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has passed above the 200-day simple moving average near 1.0830 and confirmed the SMA as support. Next target for a broader surge could be the 1.1100 mark and the 1.1250 level that have acted as resistance during summer.Daily chart
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Traders are shorting the decline
On Wednesday, the Swiss Foreign Exchange traders were 64% in short positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 56% to buy the Euro against the US Dollar.
At mid-Tuesday, positions were 65% short and orders were 66% to sell.