The EUR/USD got the needed push up above the 1.0675/1.0690 range, the weekly R1 at 1.0695 and the 1.0700 mark. After fluctuating above these levels, on Wednesday, the pair was retracing and looking for support in the 1.0675/1.0690 range. In the meantime, the 50, 100 and 200-hour simple moving averages were expected to move upwards and strengthen the range.
Economic Calendar Analysis
On Thursday, watch the publication of the US Advance quarterly GDP publication at 12:30 GMT. Note that the United States GDP data is published over the span of a quarter by giving updated data each month. First release has the most impact and is called the Preliminary. It is followed by the Advance GDP release, which is expected on Thursday. Afterwards, the GDP publications end with the Final GDP, and the cycle starts again with a new quarter.
Also on Thursday, watch the US Pending Home Sales data publication at 14:00 GMT. In the recent months, this previously ignored data set has started to impact the US Dollar.
On Friday, one of the top US data releases will occur. The Core Personal Consumption Expenditure will reveal more detailed impact of inflation on the US consumer. US monetary policy makers have been observing this index instead of the Consumer Price Index to decide upon their policy.
EUR/USD hourly chart analysis
In the case of a resumption of the Euro surge against the US Dollar, note that the rate could pause at this morning's high level at 1.0715. Higher above, the target could be the weekly R2 and R3 simple pivot point at 1.0737 and 1.0784.However, a move below 1.0675/1.0690 could look for support in the 50, 100 and 200-hour simple moving averages, before the pair reaches the weekly simple pivot point at 1.0648. Below these levels, note the support zone that surrounds the 1.0600 mark and the weekly S1 simple pivot point.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate is in the 1.0635/1.0700 range. It could be the case that the range turns into resistance, if the pair fails to close a day's trading above 1.0700.A resumption of the decline would result in the pair looking for support in the lower trend line of a channel down pattern and the 1.0520/1.0535 range that captures an early 2023 low level range.
Daily chart
Read More: Technical Analysis
Traders remain long
On Tuesday, traders were 65% bullish as that amount of open position volume was in long positions.
Meanwhile, pending orders in the 100-pip range around the pair were 53% to sell.
On Wednesday, traders were also long. 65% of open positions were long and pending orders were 54% to sell.