Economic Calendar Analysis
Wednesday will end with the US Federal Open Markets Committee Statement and Federal Funds Rate publication at 18:00 GMT. The EUR/USD has moved from 29.1 to 67.1 base points during the time of the publication.
On Thursday, at 12:30 GMT, the US Unemployment Claims on Thursday might cause a minor USD move. The rate has moved 7.6 to 16.7 pips, as the Claims are released.
On Friday, US statisticians will publish their monthly employment data sets at 12:30 GMT. The event has moved EUR/USD from 21.7 to 50.1 pips since June 2021.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
On Wednesday, it appeared that the rate could trade sideways until it is approached by the resistance of the 100 and 200-hour simple moving averages from above. If the SMAs provide resistance and cause a decline, the EUR/USD could look for support in the October 29 low level at 1.1535.However, a failure of the simple moving averages to provide resistance and possible breaking could result in the rate surging above the 1.1600 mark. Above the 1.1600 level, the most close by technical resistance level was the weekly R1 simple pivot point at 1.1658.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD started the decline before reaching the combined resistance of the 55-day simple moving average, the 61.80% Fibonacci retracement level and the 1.1700 mark. In regards to support levels on this chart, note the 50.00% Fibonacci retracement level at 1.1454.Daily chart
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Traders are long
On Wednesday, on the Swiss Foreign Exchange trader open positions were long, as 59% of open position volume was in long positions.
On Tuesday, 56% of volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 61% to sell the Euro against the USD.