Economic Calendar Analysis
On Thursday, the European Central Bank will publish the Eurozone's Main Refinancing Rate at 11:45 GMT. Note that a press conference will be held at 12:30 GMT by the management of the central bank.
The publication of the rate itself has caused moves from 7.2 to 28.6 base points since March. However, note that most volatility occurs during the question part of the press conference.
At 12:30 GMT, on Thursday, the US Advance GDP is expected to impact the value of the US Dollar. In addition, the US Unemployment Claims could also slightly impact the USD. The GDP has moved the EUR/USD from 7.9 to 13.6 pips, and the Claims from 7.6 to 13.5 base points.
On Friday, at 08:00 GMT, the German Preliminary GDP is expected to cause volatility in the value of the Euro. The EUR/USD has moved from 4.9 to 14.1 pips on the release.
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 the 55-hour simple moving average continues to push the pair down, it could pass the support of the 1.1585/1.1595 zone. A potential decline might look for support in the weekly S2 simple pivot point at 1.1532. However, note that the 1.1550 mark might slow down a drop of the EUR/USD.Meanwhile, a recovery and breaking of the resistance of the 55-hour SMA would encounter resistance in the 1.1615/1.1625 zone and the 100 and 200-hour simple moving averages, which have moved into the zone.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has recovered after booking a new low level. The recovery could encounter resistance in the 1.1700 mark, which might be strengthened by the 55-day simple moving average and a 61.80% Fibonacci retracement level.Daily chart
Read More: Technical Analysis
Sentiment is neutral
On Tuesday, on the Swiss Foreign Exchange trader open positions were neutral, as 52% of open position volume was in long positions.
On Wednesday, 51% of volume was long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 56% to buy the Euro against the USD.