Today's session is slightly decreasing, despite better data from the US. The market today has not used the chance to lead to stronger price reductions on the EUR / USD pair. In my opinion this is only a pause, and if tomorrow's US data, confirm the improved condition of the US economy is certainly see lower price levels. Today, the minimum recorded at 1.0870 and at the moment we are around the level of 1.0909.
Economic calendar for Thursday:
Tomorrow's calendar is empty but it will be worth to pay attention to US data (ascendant declared to the unemployed). Better-than-expected reading will reinforce expectations of an interest rate hike.
Forecast for Thursday:
The technical situation at the moment appears to be a stalemate. The currency pair is just below resistance at 1.0916, which in my opinion loses its value. Therefore, you should wait for the right moment to take a position. For me, this signal will overcome the at 1,0969-10 (poor data from the US?) Or to overcome support at 1.0870 (better data from the US), which may lead to a re-test recent low of 1,0808- 31.
In the case of insurmountable level of 1.0969 will direct demand towards 1,10-1,1013 (50% fibo recent declines). If, and this resistance is defeated, then the demand will have a chance to attack and test the level of 1,1061-65, (61.8% fibo recent declines). In my opinion, the level of 1.1065 seems to aim maximum, if growth is to be only a correction.
Note: For test support at 1,0808-31 know the answer about the future and direction of the currency pair. Any defeat of support will have serious consequences in a wider horizon, as the market will open the way for this year's lows at 1.0456.
The downward variant appears to be a variant more likely in a broader horizon, due to the increasing expectations for interest rate hikes