Economic Calendar Analysis
On Thursday, The US Preliminary GDP and Unemployment Claims releases at 12:30 GMT are highly likely going to impact the USD.
On Friday, at 12:30 GMT, the Core PCE Price Index is bound to impact financial markets through the US Dollar.
EUR/USD hourly chart
An extension of the ongoing decline might look for support in the 1.0700 mark. Further below, note the weekly S2 simple pivot point at 1.0678 and the combination of the weekly S3 and the 1.0600 mark.However, a potential recovery of the Euro against the US Dollar is expected to face resistance in the weekly S1 at 1.0740 and the combination of the 50-hour SMA and the prior support zone at 1.0760. Higher above, take into account the 100-hour SMA and the 1.0800 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has passed below the 100-day simple moving average. Most recently, the pair retraced back up to the SMA to possibly confirm it as resistance.A continuation of the decline could look for support in the zone near 1.0750. On Thursday, the support zone was being pierced. Further below, note the 200-day simple moving average near 1.0600.
Daily chart
Read More: Technical Analysis
Traders increase long positions
On Wednesday, trader open positions were long, as 55% 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, traders were 63% long and orders were 50% to buy and sell.