Economic Calendar Analysis
On Thursday, at 12:30 GMT, the US Dollar will react to the combination of the US Consumer Price Index and the weekly Unemployment Claims data. Markets will be looking at this release as the top one of the week.
EUR/USD hourly chart
A continuation of the Euro surge against the US Dollar is expected to face the resistance of the weekly R1 simple pivot point at 1.0639 and the combination of the 1.0700 mark and the weekly R2 at 1.0695.On the other hand, if the pair declines, support is bound to be found in the 1.0600/1.0620 range and the 50-hour simple moving average. Below these levels, note the approaching 100-hour simple moving average near 1.0570. Further below, the 1.0550 level, the weekly simple pivot point at 1.0544 and the 200-hour simple moving average could stop a broader decline.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the decline continues in a large scale channel down pattern. Most recently the support line of the pattern has continued to hold and cause retracements back up.Daily chart
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Traders remains long
On Wednesday, the Swiss Foreign Exchange traders were 61% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 57% to buy the Euro against the US Dollar.
By mid-Tuesday, traders were 62% long and pending orders were 60% to sell.