Economic Calendar Analysis
On Thursday, the US Gross Domestic Product release is highly likely going to impact the financial markets via an adjustment of the USD value.
On Friday, at 12:30 GMT, the US Core PCE Price Index is set to impact the US Dollar.
EUR/USD hourly chart
A resumption of the previous surge is expected to face resistance in the 1.0980 level, the weekly R1 at 1.0987 and the 1.1000 mark. Note that despite being pierced the 1.1000 mark caused the most recent decline of the Euro against the US Dollar.On the other hand, a decline could look for support in the 50, 100 and 200-hour simple moving average and the weekly simple pivot point in the 1.0910/1.0930 range. Below these levels, note the support of the 1.0900 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has been ignoring the support and resistance zone at 1.0910/1.0940. Meanwhile, the rate appears to have also ignored the 50-day simple moving average near 1.0865.Daily chart
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Traders are short
On Wednesday, trader open positions were bearish, as 61% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 60% to sell the Euro against the USD.
On Tuesday, positions were 60% short and orders were 76% to sell.