Economic Calendar Analysis
The day will end with a speech of the US Federal Reserve Chairman Jerome Powell at the Brooking Institution in Washington at 18:30 GMT.
On Thursday, note the Core PCE Price Index release at 13:30 GMT. The US monetary policymakers watch this index as a measure of inflation, not the Consumer Price Index.
Afterwards, the US ISM Manufacturing PMI could impact the US Dollar's value at 15:00 GMT.
The week is set to end with the release of the United States employment data at 13:30 GMT. The data release consists of the US Average Hourly Earnings changes, Non-Farm Employment Change and Unemployment Rate.
EUR/USD hourly chart
A potential surge of the Euro against the US Dollar might surge above 1.0400 and aim at the weekly R1 simple pivot point at 1.0486 and the 1.0500 mark. These levels acted as resistance on Monday.However, a decline of the pair below 1.0320 could find support in the 1.0300 mark, before reaching the weekly S1 simple pivot point at 1.0260.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the recent surge has moved the rate once again above the 1.0350/1.0400 zone. The zone impacted the rate throughout 2021 and 2022 as support and resistance.Meanwhile, it appears that despite being pierced, the 200-day simple moving average has been acting as support.
Daily chart
Read More: Technical Analysis
Traders are short
On Wednesday, on the Swiss Foreign Exchange, trader open positions were short, as 57% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the Euro against the USD.