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
In general, on Thursday, technical analysis is set to be worthless, as today at 12:15 GMT the European Central Bank is set to hike its base interest rate and make a monetary policy statement. The Euro is set to be highly volatile.In the meantime, take into account that the 1.0300 mark might act as resistance in the aftermath of high volatility. Meanwhile, round exchange rate levels like the 1.0150 and 1.0100 could provide support.
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 Thursday, the open positions were 64% long and pending orders were 58% to buy.