Economic Calendar Analysis
On Thursday, the US quarterly Preliminary GDP data at 12:30 GMT is set to confirm or deny whether the United States have entered a recession. A recession is defined by two consecutive quarters of decline in the Gross Domestic Product.
EUR/USD hourly chart's review
A resumption of the surge of the Euro against the US Dollar is expected to test the resistance of the weekly R2 simple pivot point at 1.0737 and the 1.0750 level. However, note the resistance of the 1.0700 mark and the 50-hour simple moving average.However, support could be found in the 100-hour simple moving average near 1.0660, the weekly R1 simple pivot point at 1.0649 and the support zone at 1.0625/1.0640. A further decline of the Euro against the US Dollar is expected to almost immediately find support in the 1.0600 level and the zone below it.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has bounced off the support zone of the 2017 low levels.The ongoing surge has encounter resistance in the 50-day simple moving average near 1.0750. Higher above, note the upper trend line of the 2022 channel down pattern near 1.0800/1.0850.
Daily chart
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Traders close long positions
On Wednesday, on the Swiss Foreign Exchange trader open positions were bullish, as 66% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the Euro against the USD.
On Thursday, the open positions were 60% long and pending orders were 51% to sell.