At mid-day on Wednesday, the currency pair was trading between the resistance of the 1.0740 level and the support of the technical levels at 1.0710/1.0720.
Economic Calendar Analysis
On Thursday, the ECB Main Refinancing Rate and the Monetary Policy Statement are expected to move the value of the Euro.
On Friday, the US Consumer Price Index release at 12:30 GMT is set to impact all financial markets through the value of the USD.
EUR/USD hourly chart's review
If the Euro surges against the US Dollar, the pair would have to pass the 1.0740/1.0760 zone, before approaching the weekly R1 simple pivot point at 1.0793 and the 1.0800 mark.On the other hand, a decline of the rate below 1.0660 is expected to find support in the low level zone at 1.0625/1.0640.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, if the pair continues to surge, the upper trend line of the 2022 channel down pattern near 1.0750 is expected to act as resistance.Daily chart
Read More: Technical Analysis
Traders are slightly long
On Wednesday, 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 52% to sell the Euro against the USD.