In addition, the rate had passed the resistance of the weekly R2 simple pivot point at 1.1864.
Economic Calendar Analysis
On Thursday, the US Advance GDP at 12:30 GMT is bound to move the US Dollar's value. The pair has moved 9.3 to 13.6 pips on the release since April 29, 2020. In addition, at the same time the US Unemployment Claims could cause volatility.
On Friday morning, at 08:00 GMT, the German Preliminary GDP could cause EUR/USD moves from 7.2 to 14.1 base points.
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
In the near term future, the pair could continue to surge and reach for the resistance of the weekly R3 simple pivot point at 1.1897 and the 1.1900 mark.On the other hand, a potential decline would look for support in the weekly R2 simple pivot point at 1.1864 and the 1.1850 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, it can be observed that since June the rate has been finding resistance in the 1.1900 and 1.1950 levels. Meanwhile, the 1.2000 mark is surrounded by technical resistance levels like the three daily simple moving averages and a 23.60% Fibonacci retracement level.In regards to support, the 1.1750 level has been marked as support, as it is clear that it managed to reverse the June and July decline of the currency exchange rate.
Daily chart
Read More: Technical Analysis
Long sentiment declines
On Wednesday, on the Swiss Foreign Exchange trader open positions were long, as 62% of open position volume was in long positions.
On Thursday, the sentiment was at 58% long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 71% to sell the currency pair and 29% to buy.