EUR/USD drops to 1.1500

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The resistance of the 1.1600 was enough to cause a decline, which initially reached below the technical levels at 1.1567/1.1585. Afterwards, the decline was boosted by US Consumer Price Index data, which caused a USD surge.

During Wednesday's US trading hours, the pair had reached below the previous November low levels, as it approached the 1.1500 level.

Economic Calendar Analysis



There are no more notable events for this pair scheduled for this week. Next week's review is bound to be published on Friday.

Click on the link below to find out more about data releases of this and other currency exchange rates.

EUR/USD hourly chart's review

In the case that the pair continues to decline, it could look for support in the 1.1500 mark. Below the 1.1500 level, the rate could find support in the weekly S2 simple pivot point at 1.1463.

On the other hand, the rate could recover. A recovery would immediately face the resistance of the weekly S1 at 1.1516 and the previous November low level zone at 1.1515/1.1535. Above the November low level zone, note the hourly simple moving averages and the weekly simple pivot point at 1.1567/1.1580.

Hourly Chart

EUR/USD daily chart's review

On the daily candle chart, the EUR/USD started the decline before reaching the combined resistance of the 55-day simple moving average, the 61.80% Fibonacci retracement level and the 1.1700 mark. In regards to support levels on this chart, note the 50.00% Fibonacci retracement level at 1.1454.

Daily chart




Long sentiment grows

On Tuesday, on the Swiss Foreign Exchange trader open positions were long, as 55% of open position volume was in long positions.

On Wednesday, 64% of volume was in long positions.

Meanwhile, trader set up pending orders in the 100-pip range around the pair were 70% to buy the Euro against the USD.

The orders were to 67% to sell on Tuesday.

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