Economic Calendar Analysis
The top event of all will take place on Wednesday at 18:00 GMT. The US Federal Reserve is scheduled to make a Rate Statement. The EUR/USD has moved from 17.1 to 67.1 pips on the announcement.
On Thursday, the US Advance GDP at 12:30 GMT is bound to move the US Dollar's value. The pair has moved 9.3 to 13.6 pips on the release since April 29, 2020. In addition, at the same time the US Unemployment Claims could cause volatility.
On Friday morning, at 08:00 GMT, the German Preliminary GDP could cause EUR/USD moves from 7.2 to 14.1 base points.
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
In the case of a surge, the pair would most likely face the resistance of the weekly R1 simple pivot point at 1.1819 and the late July high level zone at 1.1821/1.1823. Above these levels, the 1.150 could provide resistance before the pair reaches the weekly R2 simple pivot point at 1.1864.On the other hand, a decline of the pair would look for support in the 1.1800 mark, the 200-hour SMA near 1.1793 and the cluster of support levels near 1.1785. At the 1.1785 mark, the rate could be supported by the 55 and 100-hour simple moving averages and the weekly simple pivot point.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the channel down pattern has been broken, as since Thursday, the rate clearly traded outside of it.A potential move up would have no technical resistance as high as the 1.2000 level, where a 23.60% Fibonacci retracement level is located together with the 55, 100 and 200-day simple moving averages.
Daily chart
Read More: Technical Analysis
Long sentiment remains
Since Friday, on the Swiss Foreign Exchange traders open positions were long, as 62% of open position volume was in long positions.
On Tuesday, the sentiment was at 61% long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 57% to sell the currency pair and 43% to buy.