Economic Calendar Analysis
On Wednesday, at 14:30 GMT, the US weekly Energy Information Administration Crude Oil Inventories are expected to impact crude oil prices. On average, oil price benchmarks have moved from 30 to 60 cents on the release.
On Thursday, at 12:30 GMT, the US Retail Sales and Core Retail Sales data sets are set to be released to the public. The event has created moves from 9.5 to 21.7 pips since April.
Note that at the same time the US Unemployment Claims are scheduled to be released. This event has caused EUR/USD moves below ten pips during the last five releases. A 10 base point move for the EUR/USD is considered in the borders of normal volatility. Namely, despite media attention the market does not care about the Unemployment Claims. An exception to the rule were the coronavirus 2020 March and April releases.
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
If in the near term future, the EUR/USD pair surges, it would test the resistance of the 200-hour SMA and the weekly simple pivot point at 1.1836. Above these levels, the weekly R1 simple pivot point at 1.1869 could serve as a technical resistance.On the other hand, the rate could decline. A potential decline most likely would look for support in the 55 and 100-hour simple moving averages at 1.1807 and 1.1815. Below these levels, the 1.1800 mark could provide support. It was spotted that this level provided support on Tuesday evening and Wednesday morning.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has bounced off the zone that surrounds the 1.1900 level. The 1.1900 has kept the rate down since the start of July.Most recently, the rate found support in the 55-day simple moving average at the 1.1815 level. A passing of the SMA would leave the rate with no additional support on the daily candle chart as low as the 1.1707 level, where a 61.80% Fibonacci retracement level is located at.
Daily chart
Read More: Technical Analysis
Traders are long
Since Tuesday, on the Swiss Foreign Exchange trader open positions were bullish, as 55% 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 sell the currency exchange rate.