Economic Calendar Analysis
This week, all attention will be on the US Core PCE Price Index release on Friday at 12:30 GMT.
EUR/USD hourly chart
A continuation of the decline is set to look for support in the 1.0500 mark, before approaching the lower trend line of the channel down pattern in the 1.0480/1.0500 range. Further below, take into account the weekly S3 simple pivot point at 1.0471.However, a potential recovery of the Euro against the US Dollar is expected to encounter resistance in the 1.0560 level and the 50-hour simple moving average near 1.0580. Higher above, take into account the weekly S1 at 1.0592 and the 1.0600 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the decline has reached a new low level. Note that the next combination of notable support levels is the 1.0450 mark and the lower trend line of the channel down pattern.Daily chart
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Traders are bullish
On Wednesday, the Swiss Foreign Exchange traders were 71% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 56% to buy the Euro against the US Dollar.
On Tuesday, the positions were 70% long and orders were 55% short.