Economic Calendar Analysis
On Thursday, at 12:30 GMT, the US Producer Price Index is set to reveal more information about inflation in the United States.
EUR/USD hourly chart's review The exchange rate could continue to edge higher during the following trading session. The potential target for the EUR/USD pair would be near the resistance cluster at 1.1808.
However, the 100– hour simple moving average at 1.1751 could provide resistance for the currency exchange rate in the shorter term.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the exchange rate has pierced the support zone that surrounds the 1.1750 mark. In theory, the March low level near 1.1700 could be reached.On the other hand, a potential recovery would have no technical resistance as high as the psychological level of 1.1900.
Daily chart
Read More: Technical Analysis
Traders are bullish on EUR/USD
On Wednesday, the open position volume was 67% long.
On Thursday, on the Swiss Foreign Exchange traders, open positions were long, as 65% of open position volume was in long positions.
Traders set up pending orders in the 100-pip range around the pair were 60% to buy the currency exchange rate.