Economic Calendar Analysis
During the week, the rate might react to the various Markit Flash Services and Manufacturing sector Purchasing Managers indices on Thursday morning in the range from 07:15 up to 08:00 GMT.
EUR/USD hourly chart's review
If the pair recovers from the 1.0500 mark, the 200-hour simple moving average and the 1.0550 level might act as resistance, before another test of the 1.0600 level occurs.On the other hand, a decline of the Euro against the US Dollar below 1.0500 might encounter support in the various technical levels spread out from 1.0400 up to 1.0475. However, these levels were being ignored during the recent past.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has bounced off the upper trend line of the 2022 channel down pattern.On Tuesday, the pair reached the support zone of the 2017 and 2022 low levels at 1.0350/1.0400. A move below the zone might find support in the lower trend line of the channel down pattern below 1.0200.
Daily chart
Read More: Technical Analysis
Traders are bullish
On the Swiss Foreign Exchange, trader open positions were bullish, as 65% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 59% to buy the Euro against the USD.