Economic Calendar Analysis
On Thursday, at 12:30 GMT, US Producer Price Index and Core Producer Price Index data will reveal inflation levels at the production level. In addition, take into account that the weekly US Unemployment Claims are scheduled to be released at the same time. Note that on their own, the claims have not been capable of increasing volatility. The moves on USD on April 28 were caused by the release of the negative US GDP, not the Unemployment Claims.
To see historical move tables click on the link below.
EUR/USD hourly chart's review
If the Euro declines against the US Dollar below the 1.0400 level and the weekly S1 simple pivot point at 1.0397, the rate could find some support in the 1.0350 level, before eventually reaching the 2017 low level at 1.0340. A move below 1.0340 would result in the EUR/USD being at levels not seen since 2002.Meanwhile, a recovery of the currency pair is expected to encounter resistance at 1.0450 and the 1.0472/1.0492 zone.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has ended trading sideways and is heading to the combined support of the 2017 low levels and the lower trend line of the 2022 channel down pattern.Daily chart
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Traders increase long positions amount
On Wednesday, on the Swiss Foreign Exchange trader open positions were bullish, as 70% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 62% to sell the Euro against the USD.
On Thursday, the situation changed, as 73% of volume was long and pending orders were 52% to buy.