Economic Calendar Analysis
On Thursday, the European Central Bank is scheduled to make a rate announcement at 12:15 GMT. The market consensus currently is that the bank is set to hike 0.75%. However, take into account that the follow up press conference at 12:45 GMT might provide additional information.
EUR/USD hourly chart
A surge of the Euro against the USD might face resistance in the weekly R1 simple pivot point at 1.0050. Higher above, note the August high level zone at 1.0080/1.0090.On the other hand, a decline below the weekly simple pivot point at 0.9980 could look for support first in the 200-hour SMA at 0.9970. Further below, note the combination of the 50 and 100-hour simple moving averages at 0.9940. Afterwards, the 0.9865/0.9875 zone might once again act as support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the decline of the EUR/USD has passed the July low level. Further below, the currency rate might look for support in the lower trend line of the channel down pattern.In the meantime, the resistance of the 50-day simple moving average has moved below the 1.0150 mark.
Daily chart
Read More: Technical Analysis
Long sentiment decreases
On Thursday, on the Swiss Foreign Exchange, trader open positions were bullish, as 65% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to sell the Euro against the USD.
On Wednesday, traders were 70% long and orders were 64% to sell.