Economic Calendar Analysis
This week, there are no more events scheduled that could impact the rate.
EUR/USD hourly chart analysis
If the pair finds support in the 1.0720/1.0740 range and the weekly S1 simple pivot point at 1.0744, the rate could face resistance in the combination of the 50 and 100-hour simple moving averages near 1.0760. Higher above, note the 200-hour simple moving average and the 1.0800 mark.In the meantime, a decline below 1.0720 would look for support in the weekly S2 simple pivot point at 1.0703 and the 1.0700 mark. Further below, there is no technical support as low as the descending trend line and the weekly S2 simple pivot point at 1.0627.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the assumed new channel down pattern has been broken. Recent fundamental events provided enough momentum to pass below the 100 and 200-day moving averages and break the pattern.In regards to the future, note that the 1.0630/1.0700 range could act as support, before the pair reaches the October low level at 1.0500.
Daily chart
Read More: Technical Analysis
Traders are long
On Tuesday, traders were 55% long, as that proportion of all open position volume was in long positions.
Meanwhile, pending orders in the 100-pip range around the pair were 60% to buy.
By mid-Thursday, positions were 53% long and orders were 58% to buy.