Economic Calendar Analysis
On Thursday, note that a minor USD move could be caused by the weekly US Unemployment Claims. The pair has moved from 7.6 to 28.9 pips at the time of the claims.
However, on November 10, the move of 28.9 pips was caused actually by the US CPI. Without the November 10 release, the movement range is 4.2 to 16.7 pips.
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EUR/USD hourly chart's review
If the pair extends its recovery, it could encounter resistance at the 1.1350 level, where the 50-hour simple moving average is located at. Above the 1.1350 level, take into account the resistance of the weekly S1 simple pivot point at 1.1384.On the other hand, a resumption of the decline of the EUR/USD might once again look for support in the 1.1265 level before aiming at the 1.1200 mark. However, take into account that the 1.1250 level could act as support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD has pierced the lower trend line of the channel down pattern, which has guided the rate since the start of May. A breaking of the pattern could result in the rate reaching the 38.20% Fibonacci retracement level at 1.1200.Daily chart
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Traders are long
On Wednesday, on the Swiss Foreign Exchange trader open positions were long, 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 55% to sell the Euro against the USD.