Economic Calendar Analysis
On Friday, note the US ISM Manufacturing PMI at 14:00 GMT.
EUR/USD hourly chart's review
If the pair finds support in the 1.3040 level and starts a recovery, the 1.0400 mark and the weekly S2 simple pivot point at 1.0405 might become resistance. However, note that these levels did not act as support during the early hours of Thursday's trading.On the other hand, a move below 1.0340 would result in the pair hitting a new 5-year low level. Support could afterwards be possibly found in the 1.0300 level.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair is facing additional resistance in the form of the 50-day simple moving average near 1.0600. Higher above, note the upper trend line of the descending channel pattern, which has guided the rate down since the start of 2022.In regards to support, note the recent and historical low level zone at 1.0340/1.0400.
Daily chart
Read More: Technical Analysis
Traders are bullish
On the Swiss Foreign Exchange, on Wednesday, trader open positions were bullish, as 61% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 51% to buy the Euro against the USD.
On Thursday, trader positions were 63% long and pending orders were 51% to sell.