In the near term future, the rate was expected to continue to decline.
Economic Calendar Analysis
On Thursday, the US weekly Unemployment Claims at 12:30 GMT could cause a minor USD move. The rate has moved from 8.8 to 28.8 pips on the release since May 27.
Later on at 14:00 GMT, the ISM Manufacturing PMI is likely going to impact the value of the US Dollar. This event has caused 9.3 to 16.5 pips during the releases since February 1.
On Friday, at 12:30 GMT, all USD traded assets and currency pairs are bound to move due to the monthly US employment data. The data release will consist of US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
The EUR/USD has moved 20.2 to 75.1 pips on the release since February 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 theory, the rate should aim at the technical support of the weekly S1 simple pivot point at 1.1866. In the case that this level gets passed, the pair could look for support in the 1.1850 mark and the June low levels.On the other hand, if the pair manages to find support in the weekly S1 simple pivot point, the pair would surge. A potential surge would find resistance first in the 1.1910 level and afterwards the 55, 100 and 200-hour simple moving averages and the weekly simple pivot point in the 1.1913/1.1924 range.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the 1.1850 level managed to provide support to the currency exchange rate on June 18.In the near term future, the rate could reach for the 1.2000 mark. However, note that the 1.2000 level's resistance was being strengthened by the 100 and 200-day simple moving averages and the 23.60% Fibonacci retracement level.
Daily chart
Read More: Technical Analysis
Traders are long
Since Monday, on the Swiss Foreign Exchange trader open positions were long, as 54% of open position volume was in long positions.
On Wednesday, the open position volume was 55% long.
On Wednesday, trader set up pending orders in the 100-pip range around the pair were 57% to buy the pair.
The orders were 53% to sell on Tuesday.