Economic Calendar Analysis
On Thursday, at 11:45 GMT, the European Central Bank is scheduled to release its Main Refinancing Rate and Monetary Policy Statement. The Euro is set to react to the event. In addition, note that the central bank is set to host a press conference at 12:30 GMT.
Also at 12:30 GMT, the US Retail Sales data and weekly Unemployment Claims are scheduled to impact the value of the US Dollar.
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
In the case of a decline, the pair might find support in the 1.0800 mark, before approaching the weekly S1 simple pivot point at 1.0789.On the other hand, a surge of the Euro against the US Dollar is set to test the resistance of the 50 and 100-hour simple moving averages at 1.0860 and 1.0870. Higher above, note the 1.0900 mark and the technical resistance levels in the 1.0920/1.0940 range.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has reached the March low level at 1.0810. A passing of this level might result in the rate reaching the lower trend line of the large scale channel down pattern near 1.0750.Daily chart
Read More: Technical Analysis
Long sentiment grows
On Wednesday, on the Swiss Foreign Exchange trader open positions were long, as 69% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to sell the Euro against the USD.
On Tuesday, the sentiment was 67% long and pending orders were 54% to sell.