Economic Calendar Analysis
On Thursday, the German Preliminary Consumer Price Index will reveal how inflation has done in the biggest economy of the Euro Zone. The European Central Bank watches the data, as it makes decisions on monetary policy.
On the same day, at 12:30 GMT, the publication of Final US quarterly Gross Domestic Product is set to be published. The release might impact the USD. However, it is usually the Preliminary GDP release, which impact the markets.
On Friday, the US Core PCE Price Index is set to reveal inflation's impact on the consumers. This indicator is seen by the US Federal Reserve as more important than the CPI. The publication is scheduled for 12:30 GMT.
EUR/USD hourly chart
An extension of the ongoing decline might encounter resistance in the 1.0900 level, prior to testing the combined resistance of the weekly R1 simple pivot point at and the 1.0910/1.0930 range.On the other hand a decline of the Euro against the US Dollar might look for support in the 50 and 100-hour simple moving averages near 1.0820, the weekly simple pivot at 1.0772, the support and resistance zone at 1.0735/1.0760 and the ascending 200-hour SMA.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair is respecting the previous resistance level of 1.0720/1.0725. The prior resistance has turned into support. The pair is making another attempt to reach the April high level at 1.0937.Above the April high, the 2023 January high at 1.1030 could stop the surge.
Daily chart
Read More: Technical Analysis
Traders are shorting
Since Tuesday, trader open positions were bearish, as 59% of open position volume was in short positions.
Meanwhile, on Wednesday, trader set up pending orders in the 100-pip range around the pair were 53% to sell the Euro against the USD.