The near term future depended on whether or not the 1.1800 level and the weekly S2 at 1.1808 provide support to the currency exchange rate.
Economic Calendar Analysis
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 the 1.1800 support holding, the rate could retrace back up and face the 55-hour simple moving average and the resistance of the 1.1840 level and afterwards the 1.1850 level. If these levels fail, the pair might aim at the resistance of the weekly S1 simple pivot point at 1.1856.On the other hand, a potential decline below the 1.1800 level would not have any technical support as low as the weekly S3 simple pivot point at 1.1741. However, round exchange rate levels like the 1.1750 level could provide support. The 1.1750 reversed a three day decline in late November.
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 Thursday, the sentiment was 59% long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 62% to buy the pair. Previously, the orders were 67% to buy.