Economic Calendar Analysis
On Wednesday, the rate is bound to move due to the release of the Federal Open Market Committee Meeting Minutes at 18:00 GMT.
On Thursday, the US quarterly Preliminary GDP data at 12:30 GMT is set to confirm or deny whether the United States have entered a recession. A recession is defined by two consecutive quarters of decline in the Gross Domestic Product.
EUR/USD hourly chart's review
A move above the pivot point would highly likely encounter resistance in the 1.0750 and 1.0800 levels, before reaching the upper trend line of the channel up pattern, which has guided the rate since May 12.On the other hand, a potential decline of the pair could look for support in the 1.0700 level. Further below, the 1.0650 mark and the weekly R1 simple pivot point at 1.0649 might stop a decline.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has bounced off the support zone of the 2017 low levels.The ongoing surge could encounter resistance in the 50-day simple moving average near 1.0750 or the upper trend line of the 2022 channel down pattern near 1.0800/1.0850.
Daily chart
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Long sentiment declines
On Monday, on the Swiss Foreign Exchange trader open positions were bullish, as 66% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to sell the Euro against the USD.
On Tuesday, the open positions were 64% long and pending orders were 52% to buy.