Economic Calendar Analysis
The top event of all will take place on Wednesday at 18:00 GMT. The US Federal Reserve is scheduled to make a Rate Statement. The EUR/USD has moved from 17.1 to 67.1 pips on the announcement.
On Thursday, the US Advance GDP at 12:30 GMT is bound to move the US Dollar's value. The pair has moved 9.3 to 13.6 pips on the release since April 29, 2020. In addition, at the same time the US Unemployment Claims could cause volatility.
On Friday morning, at 08:00 GMT, the German Preliminary GDP could cause EUR/USD moves from 7.2 to 14.1 base points.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
In the case that the surge would continue, the currency exchange rate might reach for the resistance of the weekly R1 simple pivot point at 1.1819 and the late July high level zone above the 1.1820 level.On the other hand, a potential decline would look for support in the 55 and 100-hour simple moving averages near 1.1775 and afterwards, the support zone near 1.1750.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the channel down pattern has been broken, as on Thursday, the rate clearly traded outside of it.A potential move up would have no technical resistance as high as the 1.2000 level, where a 23.60% Fibonacci retracement level is located together with the 55, 100 and 200-day simple moving averages.
Daily chart
Read More: Technical Analysis
Long sentiment remains
Since Friday, on the Swiss Foreign Exchange traders open positions were long, as 62% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 50% to sell the currency pair and 50% to buy.