Economic Calendar Analysis
On Wednesday, at 18:00 GMT, the Federal Open Market Committee is set to publish its Meeting Minutes. Note that it will be just the meeting minutes for the previous meeting. There is no rate announcement or statement being published. Namely, the meeting minutes will have more detailed information about the previous decision of the Federal Reserve.
On Thursday, the US Unemployment Claims at 12:30 GMT could cause a minor move on USD pair and commodity price charts.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
Currently, the exchange rate is trading near the upper boundary of a descending channel pattern and could be set for a breakout.If the breakout occurs, a surge towards the 1.1920 area could be expected within this session.
However, the 200– hour simple moving average at 1.1894 could provide resistance for the EUR/USD currency exchange rate today.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has pierced the support zone that surrounds the 1.1850 mark. In theory, the March low level near 1.1700 could be reached.On the other hand, a potential recovery would have no technical resistance as high as the 1.2000 level, where a 23.60% Fibonacci retracement level is located together with the 100 and 200-day simple moving averages.
Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
Since Monday, on the Swiss Foreign Exchange trader open positions were long, as 56% of open position volume was in long positions.
On Friday, the open position volume was 57% long.
On Tuesday, trader set up pending orders in the 100-pip range around the pair were 50% to buy the pair and to 50% sell the pair.