Economic Calendar Analysis
This week's notable events for this pair are over. On Friday, macroeconomic traders might want to look at the Canadian GDP publication.
EUR/USD hourly chart's review
A continuation of the decline would have no additional technical support, as the pair is below the 50, 100 and 200-hour simple moving averages and the weekly simple pivot points. Due to that reason monitor round exchange rate levels and the lower trend line of the channel down pattern.However, a recovery of the Euro against the US Dollar might encounter resistance in the upper trend line of the channel up pattern, the weekly S3 simple pivot point at 1.0550 and the 50-hour simple moving average, before approaching the 1.0600 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has broken the channel down pattern, which guided the rate since mid-2021. Support could be found in the late 2016 and early 2017 low levels at 1.0400. Namely, the 1.0350/1.0400 zone is expected to act as support.Daily chart
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Traders are long
On Wednesday, on the Swiss Foreign Exchange trader open positions were long, as 74% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 54% to sell the Euro against the USD.
On Thursday, positions were 73% long and orders were 62% to sell.