Economic Calendar Analysis
On Thursday, the Euro will react to the European Central Bank's announcement of the Main Refinancing Rate and the follow up press conference. The publication of the rate and monetary policy statement is scheduled for 12:15 GMT. The press conference is scheduled for 12:45 GMT.
Meanwhile, between the ECB events, at 12:30 GMT the US Advance GDP is set to be published. The event will impact all US Dollar pairs.
On Friday, the US Core PCE Price Index is scheduled to be published at 12:30 GMT. This inflation measure is watched by the US Federal Reserve when setting their policy.
EUR/USD hourly chart
An extension of the ongoing surge could face resistance in the combination of the upper trend line of a channel up pattern, the weekly R3 simple pivot point at 1.0094 and the 1.0100 level. Higher above, note the 1.0150 and 1.0200 levels.On the other hand, a move below 1.000 could look for support in the weekly R2 simple pivot point at 0.9985 and the 0.9950 level, before approaching the lower trend line of the channel, the 50-hour simple moving average and the weekly R1 at 0.9923.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the descending 50-day simple moving average and the 0.9860/0.9900 zone were broken on Tuesday. Moreover, on Wednesday the pair was testing the resistance of the 100-day SMA near 1.0000.Daily chart
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Traders are mostly bullish
On Wednesday, on the Swiss Foreign Exchange, trader open positions were bullish, as 57% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 54% to buy the Euro against the USD.