On Wednesday morning, the pair was fluctuating near the 0.9950 level. In the meantime, the 50-hour simple moving average had caught up with the rate and was acting as resistance.
Economic Calendar Analysis
On Thursday, at 12:30 GMT the US quarterly Preliminary GDP data is set to cause a move in the US Dollar and all of financial markets.
Meanwhile, note a major event this week, which is above data releases. On Friday, throughout the day the heads of the global central banks are meeting at the Jackson Hole symposium in the mountains of the United States. Namely, the head of the US Federal Reserve is hosting an event, where all the policymakers of the world will meet and synchronize their plans.
EUR/USD hourly chart
In the case of a resumption of the decline of the Euro compared to the USD, the rate might look for support once again in the 0.9900 mark. Further below, note the weekly S2 simple pivot point at 0.9875.On the other hand, another attempted recovery would have to pass the 50-hour simple moving average and the 0.9990/1.0020 zone. In addition, note the 100-hour simple moving average near 1.0019. Higher above, it could be possible that the 1.0050 and 1.0100 levels act as resistance.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the decline of the EUR/USD has passed the July low level. Further below, the currency rate might look for support in the lower trend line of the channel down pattern.Daily chart
Read More: Technical Analysis
Traders are mostly long
On Tuesday, on the Swiss Foreign Exchange, trader open positions were bullish, as 72% of open position 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.
On Wednesday, 71% of open positions were long and pending orders were 54% to sell. Traders appear to be expecting a retracement back up.