By Thursday's European morning hours, the rate had been consolidating by trading sideways between the 1.1590 and 1.1610 levels.
Economic Calendar Analysis
On Thursday, at 12:30 GMT the US GDP, the US weekly Unemployment Claims could also impact the USD. The GDP has caused moves from 6.4 to 12.8 pips, and the Unemployment Claims have caused from 5.4 to 13.5 base points.
On Friday, at 14:00 GMT a notable move could be created by the US ISM Manufacturing PMI results. The rate has moved from 8.2 to 16.5 base points on the release since May 2021.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
In the near term future, the rate was most likely going to decline, as it had no technical support. Due to that reason, round exchange rate levels are highly likely going to provide support. Namely, the 1.1550 and 1.1500 could stop a potential decline of the EUR/USD.However, the rate can be considered oversold, as it has left far above it the 55, 100 and 200-hour simple moving averages. In the case of a potential recovery, the pair would face the resistance of the weekly S3 and S2 simple pivot points at 1.1613 and 1.1648.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has passed the 2020 September and November low level at 1.1600. The rate has not been so low for more than a year. The last time the EUR/USD was below 1.1600 was in July 2020.In the case of the larger scale decline continuing, the pair could find support in the 50.00% Fibonacci retracement level at 1.1450. On the other hand, the pair is oversold, a potential recovery could find resistance in both the 1.1600 and 1.1700 levels.
Daily chart
Read More: Technical Analysis
Long sentiment increases
On Wednesday, on the Swiss Foreign Exchange trader open positions were bullish, as 66% of open position volume was in long positions.
On Thursday morning, the sentiment was 70% long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 67% to buy the currency exchange rate. The orders had not changed since Wednesday.