Economic Calendar Analysis
On Wednesday, at 13:30 GMT, the financial markets might react to the US Durable Goods Orders and Unemployment Claims publication.
Later on, at 14:45 GMT, the Markit Services and Manufacturing Purchasing Managers Indices for the US could cause an adjustment of the US Dollar's value.
The day and the week's notable events will end with the release of the US Federal Reserve FOMC Meeting Minutes at 19:00 GMT. The Meeting Minutes are the protocol of the last US Fed meeting. New details might be in the file.
EUR/USD hourly chart
A continuation of the ongoing recovery of the Euro against the US Dollar might encounter resistance in the weekly simple pivot point at 1.0359 and the 1.0350 level. Higher above, the 1.0400 level is highly likely set to act as resistance.On the other hand, a decline of the pair could be slowed down by the combination of the 1.0300 mark and the 50-hour simple moving average, before the 1.0250 level, the weekly S1 simple pivot point at 1.0236 and the 1.0223/1.0226 range would be reached.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has reached above the 1.0350/1.0400 zone, which has acted as support and resistance throughout 2021 and 2022. In the meantime, the 200-day simple moving average has recently acted as support.Daily chart
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Traders go short
On Wednesday, on the Swiss Foreign Exchange, trader open positions were short, as 53% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 59% to sell the Euro against the USD.
On Tuesday, the sentiment was 50% long and short and pending orders were 60% to sell.