Economic Calendar Analysis
On Thursday, the top event of the week will take place. The United States Consumer Price Index is scheduled to be published at 12:30 GMT.
On Friday, at 12:30 GMT, the US Retail Sales data could also impact the financial markets.
EUR/USD hourly chart
A move down by the Euro against the USD lower would look for support first in this week's low level zone at 0.9670/0.9680. An extension of a decline of the currency pair could look for support in the 0.9650 level and the weekly S1 simple pivot point at 0.9643. Further below, take into account the 0.9600 level that might stop a decline, before the September low level zone and the weekly S2 simple pivot point at 0.9549 could keep the EUR/USD up.However, a recovery of the EUR/USD would have to break the 0.9735/0.9750 zone. Higher above, take into account the 0.9800 level and the 200-hour simple moving average.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the surge eventually stopped at the upper trend line of the 2022 channel down pattern and the 50-day simple moving average near parity.During the first part of October trading, the pair was steadily declining and approaching previous low levels.
Daily chart
Read More: Technical Analysis
Traders reduce long exposure
On Wednesday, on the Swiss Foreign Exchange, trader open positions were bullish, as 67% 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 Thursday, the positions were 62% long. Meanwhile, pending orders were 64% to sell.