By the start of Thursday's European trading hours, the pair had reached above 1.0450. In the meantime, the 1.0400 mark was acting as support.
Economic Calendar Analysis
On Thursday, note the Core PCE Price Index release at 13:30 GMT. The US monetary policymakers watch this index as a measure of inflation, not the Consumer Price Index.
Afterwards, the US ISM Manufacturing PMI could impact the US Dollar's value at 15:00 GMT.
The week is set to end with the release of the United States employment data at 13:30 GMT. The data release consists of the US Average Hourly Earnings changes, Non-Farm Employment Change and Unemployment Rate.
EUR/USD hourly chart
An extension of the ongoing surge might encounter resistance in the weekly R1 simple pivot point at 1.0486, before approaching the 1.0500 mark. The 1.0500 acted as resistance during the Monday's high volatility.On the other hand, a decline of the Euro against the US Dollar is set to continue to find support in the 1.0400 mark. Meanwhile, the 50, 100 and 200-hour simple moving averages could act as support in the 1.0350/1.0370 range. In addition, note the weekly simple pivot point at 1.0355.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the recent surge has moved the rate once again above the 1.0350/1.0400 zone. The zone impacted the rate throughout 2021 and 2022 as support and resistance.Meanwhile, it appears that despite being pierced, the 200-day simple moving average has been acting as support.
Daily chart
Read More: Technical Analysis
Traders are short
On Wednesday, on the Swiss Foreign Exchange, trader open positions were short, as 57% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the Euro against the USD.
By mid-Thursday, the positions were still 57% long and pending orders were 51% to buy.