On Wednesday, it appeared that the 1.1850 level was providing resistance to the rate. Meanwhile, by the middle of the day the rate had reached below 1.1820.
Economic Calendar Analysis
On Wednesday, at 13:45 GMT the US Services and Manufacturing PMIS could cause moves from 6.7 to 26.4 pips.
On Thursday, the week will end for EUR/USD macro events, as the US Final GDP is set to be released on that day at 12:30 GMT. The event has caused moves from 6.4 to 31.9 pips since December 2019.
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 decline, the rate could test the support of the weekly S2 simple pivot point at 1.1808 and the 1.1800 mark. If these levels fail to provide support, the rate could reach for the 1.1750 mark and the weekly S3 at 1.1741.On the other hand, a potential surge would test the 1.1850 level and the weekly S1 at 1.1856. If these levels fail to keep the rate down, the EUR/USD could reach for the 1.1875/1.1885 zone, which could be strengthened by the hourly simple moving averages.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has passed the support of the 1.1900 level and the 200-day simple moving average at 1.1860.Initially it appeared that the rate has no technical support on the chart as low as the 38.20% Fibonacci retracement level at 1.1688. However, afterwards it was spotted that the rate has been declining in 2021 guided by a descending trend line, which connects the February and March low levels and the December 21 low level.
Daily chart
Read More: Technical Analysis
Traders are long
On Wednesday, on the Swiss Foreign Exchange trader open positions were bullish, as 58% of open position volume was in long positions.
On Tuesday, the sentiment was 56% long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 67% to buy the pair.