By 12:00 GMT, it was observed that the resistance had held and the rate had declined to look for support near the previous resistance zone at 1.0865/1.0875.
Economic Calendar Analysis
On Thursday, the US Advance GDP data is set to reveal whether the United States are or are not experiencing a decline in the Gross Domestic Product at 13:30 GMT. The Advance GDP is the first data set that reveals how the economy has done in the last quarter.
The week will end with the publication of the US Core PCE Price Index. This index is the one being used by the US Federal Reserve to measure the impact of inflation on the consumers. It is seen by some as more important than the CPI. The release is scheduled for 13:30 GMT.
EUR/USD hourly chart
A move below 1.0865 could look for support in the 1.0860 level and the 100-hour simple moving average. Further below, note the weekly simple pivot point at 1.0836 and the 200-hour simple moving average.On the other hand, another attempt at moving higher would face the 1.0900 mark, the weekly R1 simple pivot point at 1.0906 and the 1.0920/1.0925 zone. Above these levels, note the 1.0950 level and the weekly R2 simple pivot point at 1.0957.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair continues to pass one resistance level after another, as the pair has reached above the May 2022 high of 1.0790.Meanwhile, previous resistance zones and levels are being observed as turning into support.
Daily chart
Read More: Technical Analysis
Short sentiment increases
On Wednesday, trader open positions were bearish, as 65% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 58% to buy the Euro against the USD.
This week, the sentiment was 63% bearish and pending orders were 59% to buy.