Economic Calendar Analysis
On Wednesday, the rate is bound to move due to the release of the Federal Open Market Committee Meeting Minutes at 18:00 GMT.
On Thursday, the US quarterly Preliminary GDP data at 12:30 GMT is set to confirm or deny whether the United States have entered a recession. A recession is defined by two consecutive quarters of decline in the Gross Domestic Product.
EUR/USD hourly chart's review
A resumption of the surge of the Euro against the US Dollar is expected to test the resistance of the weekly R2 simple pivot point at 1.0737. However, note the resistance of the 1.0700 mark, which on Wednesday was being strengthened by the 50-hour simple moving average.On the other hand, a decline of the Euro against the US Dollar is expected to almost immediately find support in the 1.0600 level and the zone below it.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has bounced off the support zone of the 2017 low levels.The ongoing surge has encounter resistance in the 50-day simple moving average near 1.0750. Higher above, note the upper trend line of the 2022 channel down pattern near 1.0800/1.0850.
Daily chart
Read More: Technical Analysis
Traders are mostly long on EUR/USD
On Wednesday, on the Swiss Foreign Exchange trader open positions were bullish, as 66% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the Euro against the USD.
On Tuesday, the open positions were 64% long and pending orders were 52% to buy.