Economic Calendar Analysis
On Thursday, the US Preliminary GDP could cause a notable reaction in the markets.
EUR/USD hourly chart's review Technical indicators suggest buying signals on the 4H time-frame chart. Most likely, the exchange rate could continue to edge higher during the following trading session.
However, bullish traders may encounter the weekly resistance level at 1.1782 within this session.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD pair appears to be retracing back up after breaching the support of the 1.1700 level. The additional resistance of the 55-day simple moving average could provide the rate with enough resistance for a resumption of the decline.A potential larger scale decline could aim at the November and September low level at 1.1600.
Daily chart
Read More: Technical Analysis
Traders are bullish
On Wednesday, on the Swiss Foreign Exchange trader open positions were long, as 63% of open position volume was in long positions.
On Thursday, 60% of volume was bullish.
Meanwhile, traders set up pending orders in the 100-pip range around the pair were 74% to sell the currency exchange rate.