In the meantime, analysts spotted a channel up pattern, which had guided the rate throughout this week. It captures the broad decline of the USD, which can be spotted on all pairs that involve the USD.
Economic Calendar Analysis
On Thursday, the European Central Bank will make a rate statement at 12:45 GMT. However, the rate has not changed for years and years. Instead, read the Monetary Policy Statement that is published at the same time. It reveals, how much money the ECB is going to flood the market with. Depending on that the EUR supply and strength change. This event has caused moves from 3.8 to 30.6 pips since July 2020.
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, the rate would test the combined resistance of the two technical indicators and the upper trend line of the channel up pattern.If the resistance levels hold, the currency exchange rate could decline down to the support of the 1.1915 mark and the lower trend line of the channel pattern. Note that the 55 and 100-hour simple moving averages could strengthen the support of this level.
On the other hand, in the case of the resistance failing, the pair could reach for the weekly R1 simple pivot point at the 1.2058 level.
Hourly Chart
On the daily candle chart, the pair has reached the support of the 200-day simple moving average, which might have been one of the causes of the recent EUR/USD recovery. The SMA pushes the rate up to the 23.60% Fibonacci retracement level at the 1.2000 mark.
Meanwhile, take into account the resistance of the 55 and 100-day simple moving averages at 1.2039 and 1.2118
Daily chart
Read More: Technical Analysis
Traders are long
On Thursday, on the Swiss Foreign Exchange trader open positions were bullish, as 58% of open position volume was in long positions.
On Wednesday 59% of volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 57% to sell the pair.
Previously, the orders were 55% to sell.