Economic Calendar Analysis
On Friday, all attention will be on the US Core PCE Price Index release on Friday at 12:30 GMT.
EUR/USD hourly chart
A potential surge of the pair is expected to face resistance of the 100-hour simple moving average at 1.0570, the weekly S1 at 1.0592 and the 1.0600 mark. Higher above, note the 200-hour simple moving average near 1.0625 and the upper trend line of the descending channel.On the other hand, a decline of the Euro against the US Dollar could look for support in the combination of the 1.0550 level, the weekly S2 simple pivot point at 1.0543 and the 50-hour simple moving average, before the pair returns to the 1.0500 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the decline continues in a large scale channel down pattern. Most recently the support line of the pattern held and caused the recent retracement.Daily chart
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Traders are bullish
On Wednesday, the Swiss Foreign Exchange traders were 71% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 56% to buy the Euro against the US Dollar.
On Thursday, the positions were 70% long and orders were 72% to sell.