Economic Calendar Analysis
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EUR/USD hourly chart's review
All things being equal, the exchange rate could continue to decline in a descending channel pattern during the following trading session. The potential target for sellers will be near the 1.1750 area.However, the weekly support level at 1.1758 could still provide support for the currency exchange rate within this 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 Tuesday, on the Swiss Foreign Exchange traders open positions were long, as 61% of open position volume was in long positions.
On Wednesday, the open position volume changed and was 60% long.
On Wednesday, traders set up pending orders in the 100-pip range around the pair were 54% to sell the currency pair and 46% to buy the EUR/USD currency exchange rate.