In addition, the currency exchange rate has revealed a channel down pattern, which has guided it since September 24.
Economic Calendar Analysis
On Thursday, at the same time as the US GDP, the US weekly Unemployment Claims could also impact the USD. The GDP has caused moves from 6.4 to 12.8 pips, and the Unemployment Claims have caused from 5.4 to 13.5 base points.
On Friday, at 14:00 GMT a notable move could be created by the US ISM Manufacturing PMI results. The rate has moved from 8.2 to 16.5 base points on the release since May 2021.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
In the case of the rate continuing to decline, the pair might look for support in the weekly S2 simple pivot point at 1.1648 and the 1.1650 mark. A passing of these levels could result in an eventual decline to the 1.1613 level, where the weekly S3 simple pivot point was located at.On the other hand, a recovery from the lower trend line of the channel down pattern or the weekly S2 and the 1.1650 level could aim at the resistance of the channel. Note that a passing of the upper trend line of the channel could result in a surge up tot eh 1.1685 level, where the weekly S1 simple pivot point was located at.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has clearly broken off from the 1.1700 level. Most likely, the 1.1700 would provide the pair with resistance. In addition, note that the rate has passed the previous summer low level of 1.1666.A clear passing of the support of the 1.1700 mark could result in the test of the support of the 2020 low levels near 1.1600.
Daily chart
Read More: Technical Analysis
Traders are long
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 67% to buy the currency exchange rate.