Economic Calendar Analysis
This week, the EUR/USD is set to react to the European Central Bank Monetary Policy Statement release on July 21, Thursday, at 12:15 GMT.
On Friday, the pair might react to two data releases. First of all note the European Markit Manufacturing and Services Purchasing Managers Indices in the span from 07:15 up to 08:00 GMT. Most notable will be the German data at 07:30 GMT.
Afterwards, at 13:45 GMT, the US PMIs might impact the rate through the US Dollar's value.
EUR/USD hourly chart's review
If the rate resumes its surge, it would face the resistance of the 1.0270/1.2080 zone, prior to approaching the 1.0300 mark and the weekly R2 simple pivot point at 1.0304.Meanwhile, a decline of the currency pair is highly likely going to find support in the 1.0190/1.0220 zone, the weekly R1 simple pivot point at 1.0193 and the 50-hour simple moving average. Further below, take into account the 100 and 200-hour simple moving averages near the 1.0100 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has found support in the lower trend line of the large scale channel down pattern, which has guided the rate down throughout 2022. In theory, the currency pair should recover until it encounters resistance. Resistance might be found in the previous low level zone at 1.0350/1.0400.Daily chart
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Traders remain long
On Wednesday, on the Swiss Foreign Exchange, trader open positions were bullish, as 64% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 51% to buy the Euro against the USD.
On Tuesday, the open positions were 65% long and pending orders were 58% to sell.