Meanwhile, by zooming out to the daily candle chart, one can spot that the rate has been in a channel down pattern since the start of 2021. The lower trend line of the pattern crosses the 1.0900 mark on March 4.
Economic Calendar Analysis
On Thursday, at 12:45 GMT the European Central Bank will release its Main Refinancing Rate. However, the event is expected to have a muted reaction, as the bank's officials have clearly stated that they do not intend to change the rate in the near term future.
Instead, note that the monetary stimulus buying programs could change. Moreover, at 13:30 GMT, the management of the bank is set to hot a press conference, at which future plans might be revealed.
As the ECB press conference will start, the US Consumer Price Index and Core Consumer Price Index data is set to be released together with the US Unemployment Claims. Namely, all US pairs and assets are expected to react to the news.
Click on the link below to find out more about data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
If the pair properly declines below the 1.0900 level, the EUR/USD might look for support in the 1.0850 mark. Afterwards, the 1.0800 mark might act as support, before approaching the 2020 low level zone at 1.0730/1.0780.However, a recovery of the pair is expected to ignore the weekly S2 simple pivot point at 1.0942, as it failed to act as support on Friday. Higher above, the 1.1000 mark might act as resistance.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the channel down pattern can be observed much better.Meanwhile, note that on the chart the rate has reached the support of the 23.60% Fibonacci retracement level at 1.0886. The retracement levels are measured by connecting the 2017 low and 2018 high levels.
Daily chart
Read More: Technical Analysis
Traders remain long on EUR/USD
On Thursday, on the Swiss Foreign Exchange trader 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 55% to buy the Euro against the USD.
On Friday, the sentiment was 63% long and pending orders were 51% to sell.