However, by the middle of Thursday's trading, the pair was once again below the 1.0400 level. Moreover, the pair was ignoring the support and resistance of the rate and the 50 and 100-hour simple moving averages near 1.0430 and 1.0450.
Economic Calendar Analysis
This week's notable events are over.
EUR/USD hourly chart's review
If the Euro surges against the US Dollar, the currency pair is expected to encounter resistance in the 1.0500 mark, before reaching the 1.0550 level, the 200-hour SMA at 1.0570 and the weekly simple pivot point together with the 1.0600 level.Meanwhile, a decline of the pair is set to look for support in the 1.0350 mark, the 2017 low level at 1.0340 and the weekly S2 simple pivot point at 1.0330. Further below, note the 1.0300, 1.0250 and 1.0200 levels, as there is no technical support as low as 1.0115.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has bounced off the upper trend line of the 2022 channel down pattern.On Tuesday, the pair reached the support zone of the 2017 and 2022 low levels at 1.0350/1.0400. A move below the zone might find support in the lower trend line of the channel down pattern below 1.0200.
Daily chart
Read More: Technical Analysis
Traders set up sell orders
Since Wednesday, on the Swiss Foreign Exchange, trader open positions were bullish, as 65% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the Euro against the USD.
On Thursday, the orders changed, as 59% of orders were to sell.