Economic Calendar Analysis
On Friday, at 12:30 GMT the Core Personal Consumption Expenditure Price Index is bound to make an impact, as the head of the Federal Reserve Jerome Powell revealed last week that he is watching this index as a measure for inflation not the Consumer Price Index.
EUR/USD hourly chart
An extension of the ongoing decline of the Euro against the US Dollar might look for support in the 0.9500 and 0.9450 levels. Further below, note the weekly S2 simple pivot point at 0.9420 and the 0.9400 mark.On the other hand, a recovery of the currency rate is expected to face resistance in the 0.9600 level and the 50-hour simple moving average. Above these levels note the 0.9700 mark and the 100-hour simple moving average.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD has approached the lower trend line of the 2022 channel down pattern below the 0.9600 level.In theory, a recovery could occur. However, other major pairs have broken their 2022 patterns, as recent fundamentals have strengthened the USD more than the markets expected.
Daily chart
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Traders are long
Since Monday, 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 63% to sell the Euro against the USD.
On Wednesday, traders were 72% long and pending orders were 67% to sell.