As a result, the EUR/USD currency pair has surged. By the middle of Thursday's trading, the pair was above 1.1025.
Economic Calendar Analysis
On Thursday, at 12:30 GMT, US inflation at the producer level will be revealed. The US Producer Price Index is set to be released at that time.
On Friday, the US Retail Sales data might cause a reaction in the financial markets at 12:30 GMT.
EUR/USD hourly chart
A continuation of the ongoing decline of the US Dollar might result in the pair testing the weekly R2 simple pivot point at 1.1073. However, it has been recently observed that the pair has been respecting round exchange rate levels. Namely, the 1.1050 and 1.1100 levels could impact the pair.On the other hand, a decline of the EUR/USD is expected to look for support in the 1.1000 mark. Further below, the 1.0965/1.0975 range might act as support, before the 1.0940 and 1.0920 levels are reached.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has reached above the April high level at 1.0937. Above the April high, the 2023 January high at 1.1030 could stop the surge.Daily chart
Read More: Technical Analysis
Traders are shorting
On Thursday, trader open positions were bearish, as 62% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 62% to sell the Euro against the USD.