On Wednesday morning, the rate's decline found support in the 55-hour simple moving average.
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 near term future, the rate was expected to resume its surge. A potential surge would once again have to test the resistance of the 1.1840 level before aiming at the weekly R2 simple pivot point at 1.1864.On the other hand, the 1.1840 mark could hold and the rate might trade sideways until the support of the 55, 100 and 200-hour simple moving averages push the pair up.
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
On Wednesday, 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 60% to sell the currency pair and 40% to buy.