Economic Calendar Analysis
During the week, minor moves could be created by some data releases. Meanwhile, note that the whole financial market continues to adjust to the latest comments made by the Federal Reserve about monetary tightening.
On Tuesday, the US Durable Goods Orders might impact the USD value at 12:30 GMT.
On Thursday, the US Advance GDP is expected to cause USD volatility across the markets at 12:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
If the rate passes below the 1.0550 mark, the currency exchange rate would have no close by technical support. Meanwhile, round exchange rate levels could act as support. Namely, the Euro could stop its decline against the US Dollar near 1.0500, 1.0450 and 1.0400.On the other hand, a potential recovery of the pair would encounter resistance in the weekly S2 simple pivot point at 1.0655. The pivot point acted as resistance during the second half of Tuesday's trading hours.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has broken the channel down pattern, which guided the rate since mid-2021. Support could be found in the late 2016 and early 2017 low levels at 1.0400. Namely, the 1.0350/1.0400 zone is expected to act as support.Daily chart
Read More: Technical Analysis
Traders are long
On Wednesday, on the Swiss Foreign Exchange trader open positions were long, as 74% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 54% to sell the Euro against the USD.