Namely, the Chairman's comments during the press conference after the US 0.75% rate hike caused a broad sell off of the US Dollar, which resulted in a surge of the EUR/USD above 1.0200.
Economic Calendar Analysis
Note that on Thursday, the markets will be watching the US Advance quarterly Gross Domestic Product data at 12:30 GMT.
EUR/USD hourly chart
On Thursday morning, the pair passed the 1.0230 level and appeared to be set to test the 1.0260 and 1.0280 levels, which acted as resistance throughout July. Higher above, take into account the 1.0300 mark and the weekly R1 simple pivot point at 1.0301.On the other hand, a potential decline of the Euro against the US Dollar might look for support first in the 1.0200 mark. Afterwards, the combination of the 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.0190 might act as support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has been trading around the 1.0200 mark throughout the second half of July. Meanwhile, the pair remains in a broad 2022 channel down pattern.Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
On Thursday, on the Swiss Foreign Exchange, trader open positions were bullish, as 60% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the Euro against the USD.
On Wednesday, traders were 62% long and orders were 54% to sell.