Economic Calendar Analysis
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EUR/USD hourly chart's review
The EUR/USD exchange rate is currently trading near the upper line of a descending channel pattern and could be set for a breakout.If the breakout occurs, a surge towards the 1.1840 area could be expected within this session.
However, if the channel pattern holds, bears could continue to drive the currency exchange rate lower during Thursday's trading session.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the channel down pattern appears to have held the recent tests of its upper trend line. In the case that the pattern holds, the 2021 low levels near 1.1700 could be reached.Meanwhile, a potential move above the upper trend line of the pattern would have no technical resistance as high as the 1.2000 level, where a 23.60% Fibonacci retracement level is located together with the 100 and 200-day simple moving averages.
Daily chart
Read More: Technical Analysis
Long sentiment remains
On Wednesday, on the Swiss Foreign Exchange traders open positions were long, as 60% of open position volume was in long positions.
On Thursday, the open position volume changed and was 59% long.
On Wednesday, traders set up pending orders in the 100-pip range around the pair were 60% to sell the currency pair and 40% to buy the EUR/USD currency exchange rate.