Economic Calendar Analysis
On Thursday, at 12:45 GMT the European Central Bank is set to publish its Main Refinancing Rate and Monetary Policy Statement. However, note that volatility is present during the Press Conference of the bank. The press conference is scheduled to start at 13:30 GMT.
The day will end with the US ISM Services PMI, which might cause minor volatility.
On Friday, the US is going to publish employment data at 13:30 GMT. Largest moves are expected due to this event.
Click on the link below to find out more about data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
If the pair continues to surge, the EUR/USD could eventually reach the 1.1365 mark, which acted as resistance and support during January. In addition, take into account that the 1.1350 mark might act as resistance. Meanwhile, note that there are no close by technical resistance levels as high as the 1.1434 level. At that level, the weekly R2 simple pivot point is located at.On the other hand, a decline of the Euro against the USD would most likely look for support in the 1.1300 mark and the weekly R1 at 1.1293, before aiming at the 50 and 200-hour simple moving averages at the 1.1250 level.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has returned to trade above the 1.1300 mark. Most notably, the rate has pierced the resistance of the 50-day simple moving average near 1.1310.Daily chart
Read More: Technical Analysis
Long sentiment decreases
On Wednesday, on the Swiss Foreign Exchange trader open positions were long, as 59% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 63% to sell the Euro against the USD.
On Tuesday, the sentiment changed, as 62% of volume was long, and pending orders were 62% to sell.