Economic Calendar Analysis
On Wednesday, at 12:30 GMT, the US Core Consumer Price Index is bound to cause USD volatility, which could impact the EUR/USD.
Afterwards, on Thursday, at 12:30 GMT, the US Producer Price Index is set to reveal more information about inflation in the United States.
EUR/USD hourly chart's review Currently, the EUR/USD exchange rate is trading near the upper boundary of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the resistance level at 1.1776 could be expected within this session.
However, if the channel pattern holds, the currency exchange rate would continue to trend lower in the descending channel during the following trading session.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the exchange rate has pierced the support zone that surrounds the 1.1750 mark. In theory, the March low level near 1.1700 could be reached.On the other hand, a potential recovery would have no technical resistance as high as the psychological level of 1.1900. Daily chart
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Traders are long on EUR/USD
On Tuesday, the open position volume was 66% long.
On Wednesday, on the Swiss Foreign Exchange traders open positions were long, as 67% of open position volume was in long positions.
Traders set up pending orders in the 100-pip range around the pair were 69% to buy the currency exchange rate.