Economic Calendar Analysis
This week, the top event will be the Thursday's European Central Bank interest rate announcement at 12:15 GMT. The Euro is bound to move during the publication and the follow-up conference at 12:45 GMT.
From the US Dollar's side, the markets could react on Thursday at 12:30 GMT to the publication of the US monthly Retail Sales data and weekly Unemployment Claims.
EUR/USD hourly chart analysis
In the case of a proper decline, the rate could look for support in the weekly S1 simple pivot point at 1.0891. A failure of the pivot point might result in a decline to the 1.0850 level and the weekly S2 simple pivot point at 1.0847.On the other hand, a move of the pair above 1.0900 and the 50-hour simple moving average might be slowed down by the 100-hour simple moving average and the upper trend line of the channel down pattern. Higher above, note the 200-hour SMA and the weekly simple pivot point at 1.0944.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has passed the 100-day simple moving average. Next support on this pair is the 200-day simple moving average near 1.0880.By analysing the chart, it can be the case that the rate finds support near 1.0800, before approaching the major support zone at 1.0635/1.0700.
Daily chart
Read More: Technical Analysis
Traders remain bullish
On Monday, traders were bullish, as 55% of volume was in long positions.
On Wednesday, traders were 57% long.
Meanwhile, pending orders in the 100-point range around the current rate were 60% to sell the Euro against the USD.