EUR/USD breaks resistance

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The EUR/USD has managed to reach above the 1.0600/1.0620 resistance. During the second part of Wednesday's trading, it appeared that the range was being confirmed as support. Meanwhile, it is clear that the 50-hour simple moving average provided the needed support for the push through 1.0620.

Economic Calendar Analysis



On Thursday, at 12:30 GMT, the US Dollar will react to the combination of the US Consumer Price Index and the weekly Unemployment Claims data. Markets will be looking at this release as the top one of the week.

EUR/USD hourly chart

A continuation of the Euro surge against the US Dollar is expected to face the resistance of the weekly R1 simple pivot point at 1.0639 and the combination of the 1.0700 mark and the weekly R2 at 1.0695.

On the other hand, if the pair declines, support is bound to be found in the 1.0600/1.0620 range and the 50-hour simple moving average. Below these levels, note the approaching 100-hour simple moving average near 1.0570. Further below, the 1.0550 level, the weekly simple pivot point at 1.0544 and the 200-hour simple moving average could stop a broader decline.

Hourly Chart

EUR/USD daily chart's review

On the daily candle chart, the decline continues in a large scale channel down pattern. Most recently the support line of the pattern has continued to hold and cause retracements back up.
Daily chart




Traders remains long

On Wednesday, the Swiss Foreign Exchange traders were 61% in long positions.

Meanwhile, trader set up pending orders in a 100-point range around the current rate were 57% to buy the Euro against the US Dollar.

By mid-Tuesday, traders were 62% long and pending orders were 60% to sell.

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