However, the pair was already declining before, as US central bankers had given interviews revealing that the US is about to introduce restrictive monetary policy. Namely, even prior to the publication the EUR/USD had pierced the 1.0880 mark.
Economic Calendar Analysis
On Thursday, a minor USD move might be created by the publication of the weekly US Unemployment Claims data at 13:30 GMT.
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 US Dollar continues to strengthen as the news of the US Fed policy spread, the EUR/USD would have no technical support as low as the weekly S2 simple pivot point at 1.0818 and the March low level zone at 1.0807/1.0820.On the other hand, a potential recovery of the EUR/USD might encounter resistance at 1.0900, before approaching the weekly S1 simple pivot point and the 50-hour simple moving average near 1.0930. Higher above, note the resistance zone, which surrounds the 1.0950 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has succeeded on its third attempt at passing the zone of the January and February low levels and March high levels. However, the pair has encountered resistance in the 50-day simple moving average.Daily chart
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Traders are long on EUR/USD
On Tuesday, 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 50% to buy and sell the Euro against the USD.
On Wednesday, the sentiment was 64% long and pending orders were 51% to buy.