During the early hours of Wednesday's trading, the pair had shortly traded below the 1.0500 mark. Meanwhile, resistance was found in the combination of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.0542.
Economic Calendar Analysis
The pair might react to the Thursday's release of the US Core PCE Price Index at 12:30 GMT.
On Friday, note the US ISM Manufacturing PMI at 14:00 GMT.
EUR/USD hourly chart's review
If the rate passes above the resistance levels that are located from the 1.0535/1.0550, the 1.0600 mark is expected to once again act as resistance, prior to the rate reaching the weekly R1 simple pivot point at 1.0616.On the other hand, a potential decline of the currency exchange rate might find support in the 1.0500 mark and the weekly S1 simple pivot point at 1.0479.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair is facing additional resistance in the form of the 50-day simple moving average near 1.0600.Higher above, note the upper trend line of the descending channel pattern, which has guided the rate down since the start of 2022.
Daily chart
Read More: Technical Analysis
Traders are bullish
On the Swiss Foreign Exchange, on Wednesday, trader open positions were bullish, as 61% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 51% to buy the Euro against the USD.
On Tuesday, trader positions were 59% long and pending orders were 51% to buy.