Economic Calendar Analysis
On Thursday, the European Central Bank is scheduled to make a rate announcement at 12:15 GMT. The market consensus currently is that the bank is set to hike 0.75%. However, take into account that the follow up press conference at 12:45 GMT might provide additional information.
EUR/USD hourly chart
In the case of the Euro resuming its decline against the US Dollar, the pair could look for support in the weekly S2 simple pivot point at 0.9812. Further below, the 0.9800 mark might act as support.On the other hand, a recovery of the currency pair is expected to encounter resistance in the 50 and 100-hour simple moving averages near 0.9920 and 0.9935. Higher above, take into account the 200-hour SMA at 0.9970 and the weekly simple pivot point at 0.9980.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the decline of the EUR/USD has passed the July low level. Further below, the currency rate might look for support in the lower trend line of the channel down pattern.In the meantime, the resistance of the 50-day simple moving average has moved below the 1.0150 mark.
Daily chart
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Traders are long
On Tuesday, on the Swiss Foreign Exchange, trader open positions were bullish, as 68% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 69% to sell the Euro against the USD.
On Wednesday, traders were 70% long and orders were 64% to sell.