Economic Calendar Analysis
On Thursday, the European Central Bank is set to make a rate statement and release its monetary policy statement. This event is set to reveal how the central bank would manage the supply of the Euro.
On Friday, all Euro pairs are set to be impacted by the monthly release of the Markit Purchasing Managers Indices. Starting from 07:15 GMT up to 08:00 GMT the French, German and Euro Zone PMIs are set to be released. The combined release of all the data had caused moves of up to 60 pips.
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, if the rate passes the support of the 1.2000 level, it would look for support in the March and April high level zone that surrounds the 1.1990 level. If this level would be passed, the rate could reach for the 200-hour simple moving average near 1.1965.On the other hand, a potential recovery of the rate most likely could encounter resistance in the combination of the weekly R1 simple pivot point and the 55-hour simple moving average at 1.2030. Afterwards, the weekly R2 and the 1.2080 level could provide resistance.
Hourly Chart
EUR/USD daily chart's review
After piercing the resistance of the 100-day simple moving average on Tuesday, the rate declined to 1.2010 on Wednesday.Note the support of the 23.60% Fibonacci retracement level at 1.2006, the 55-day simple moving average at 1.1967 and the 200-day SMA at 1.1920.
Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
Since Monday, on the Swiss Foreign Exchange trader open positions were short, as 58% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 64% to buy the pair.