As the rate hike occurred, the EUR/USD reacted with a 37 point move upwards, which hit the resistance zone. Afterwards, the Federal Reserve hosted a press conference, during which the pair started a decline.
Economic Calendar Analysis
On Friday, the US Dollar and the Canadian Dollar are set to react to the monthly US and Canadian employment data. Among the data will be the employment changes and unemployment rates of the two countries.
EUR/USD hourly chart's review
A continuation of the decline of the Euro against the US Dollar is set to look for support in the 1.0472/1.0491 zone. Further below, take into account the weekly S1 simple pivot point at 1.0403 and the 1.0400 mark.On the other hand, a recovery of the rate would face the resistance zone at 1.0572/1.0593 and the 200-hour simple moving average, before reaching the 1.0600 mark and the weekly simple pivot point at 1.0609.
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 bullish, as 72% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 57% to sell the Euro against the USD.