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 the 50-hour SMA might look for support in the 100-hour simple moving average near 1.0880, Further below note the combination of the 200-hour SMA and the 1.0850 level. Below these levels, the 1.0840 mark and the weekly simple pivot point could stop another decline.On the other hand, a resumption of the Euro surge against the US Dollar is expected to once again test the resistance of the 1.0920/1.0925 range, prior to approaching the 1.0950 mark 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. Next resistance is the April high level at 1.0937.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.
On Thursday, the sentiment was 68% short, as traders expect a decline.