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
An extension of the Euro's recovery, compared to the US Dollar might encounter resistance in the 1.0050 mark, the 200-hour simple moving average near 1.0075 and the 1.0100 level. Higher above, the 1.0123 level has been observed to be capable of acting as support and resistance. In general, there is a resistance level located each 25 pips above the pair.On the other hand, a decline of the currency pair might find support in the 0.9990/1.0020 zone. Below the zone, take into account the 50 and 100-hour simple moving averages near 0.9985 and 0.9960. Afterwards, the 0.9950 level and the weekly S1 simple pivot point at 0.9954 could stop a decline, before the rate reaches the 2022 low levels at 0.9900/0.9913.
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
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Traders are mostly long
On Thursday, on the Swiss Foreign Exchange, trader open positions were bullish, as 70% 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 Wednesday, 71% of open positions were long and pending orders were 54% to sell. Traders appear to be expecting a retracement back up.