Economic Calendar Analysis
On Thursday, the European Central Bank will publish the Eurozone's Main Refinancing Rate at 11:45 GMT. Note that a press conference will be held at 12:30 GMT by the management of the central bank.
The publication of the rate itself has caused moves from 7.2 to 28.6 base points since March. However, note that most volatility occurs during the question part of the press conference.
At 12:30 GMT, on Thursday, the US Advance GDP is expected to impact the value of the US Dollar. In addition, the US Unemployment Claims could also slightly impact the USD. The GDP has moved the EUR/USD from 7.9 to 13.6 pips, and the Claims from 7.6 to 13.5 base points.
On Friday, at 08:00 GMT, the German Preliminary GDP is expected to cause volatility in the value of the Euro. The EUR/USD has moved from 4.9 to 14.1 pips on the release.
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 a decline below the 1.1585/1.1590 zone, the currency exchange rate might find support in the 1.1550 level. Below the 1.1550 mark, the currency pair might find support in the weekly S2 simple pivot at 1.1532.On the other hand, a surge would not only test the 1.1618/1.1625 zone, but also the 100 and 200-hour simple moving averages at 1.1615 and 1.1623. Above these levels, the weekly simple pivot point at 1.1630 might act as a resistance. Above these levels, the October high level zone might once again keep the rate down at 1.1665 /1.1670.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has recovered after booking a new low level. The recovery could encounter resistance in the 1.1700 mark, which might be strengthened by the 55-day simple moving average and a 61.80% Fibonacci retracement level.Daily chart
Read More: Technical Analysis
Sentiment is neutral
On Thursday, on the Swiss Foreign Exchange trader open positions were neutral, as 52% of open position volume was in long positions.
On Wednesday, 51% of volume was long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 58% to buy the Euro against the USD.