Economic Calendar Analysis
On Thursday, the markets might react to the publication of the US Final GDP data release. However, the Final release is the one with the less impact of the three US GDP releases.
On Friday, at 12:30 GMT, the US Core PCE Price Index is set to reveal how the consumer goods prices are doing in the USA. The markets expect an increase of 0.2%.
EUR/USD hourly chart analysis
A broader decline of the Euro against the US Dollar is set to result in the rate looking for support in the 1.1180 and 1.1160 level, before approaching the combination of the 50 and 100-hour simple moving averages near 1.1150. Further below, note the weekly simple pivot point at 1.1140 and the ascending 200-hour SMA.In the case of a surge, the rate has to again pass the 1.1190/1.1200 zone and the weekly R1 simple pivot point at 1.1212, prior to reaching the 1.1250 level and the weekly R2 at 1.1261.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has returned to the 1.1130/1.1200 resistance zone that kept the pair down in August and September.Meanwhile, take into account that the 1.1005 level acted as resistance in early August and then as support in mid-September. It appears that it might be the upper border of a support and resistance zone.
Daily chart
Read More: Technical Analysis
Traders remain short
This week, on Monday, traders were bearish, as 71% of volume was in short positions.
Meanwhile, pending orders in the 100-base point range around the pair were 55% to sell.
On Wednesday, traders were 70% short and orders were 56% to sell.