Economic Calendar Analysis
The main scheduled macroeconomic data release of the week is bound to occur on Thursday, at 12:30 GMT. At that time the US employment data sets are scheduled to be published.
The data will reveal information about the strength of the US Dollar and could cause an immediate exchange rate adjustment of up to 50 base points.
Take a look at all of the historical reaction tables by clicking on the link below.
EUR/USD hourly chart's review
On Wednesday, the EUR/USD currency pair reversed north from the Fibo 38.20% at 1.1200. During today's morning, the pair pierced the upper line of a medium-term descending channel.From a theoretical perspective, it is likely that some upside potential could prevail in the market. In this case the exchange rate could face the resistance level formed by the weekly R1 at 1.1323.
If the given resistance holds, it is likely that a reversal south could occur. Meanwhile, it is unlikely that the rate could decline below the support formed by the weekly and monthly PPs, as well the 200-hour SMA near 1.1250.
Hourly Chart
On the daily candle chart, the currency exchange rate is still testing the resistance line of the channel down pattern. In the meantime, it is having the support of the simple pivot points at 1.1245 and 1.1253.
From a fundamental perspective the declining pattern captures the fact that the European Central Bank is increasing the EUR money supply. Meanwhile, the US Federal Reserve kept its policy unchanged in June.
Read more in the June Central Banks Updates article.
Daily chart
Read More: Technical Analysis
Traders set up sell orders
On Wednesday, on the Swiss Foreign Exchange 58% of all EUR/USD open position volume was in short positions.
On Thursday, the sentiment was 59% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were set to sell, as 54% of orders in that range were bearish.
The orders were 62% to buy on Wednesday.