By the middle of Thursday's European trading, the event had resulted in a decline of the EUR/USD to the 1.1160 mark. By declining so low, the rate broke the channel down pattern, which was expected, as such fundamental event is above technical analysis.
Economic Calendar Analysis
This week, last notable events will be the Thursday 13:30 GMT release of the US Advance GDP, Durable Goods Orders and Unemployment Claims
EUR/USD hourly chart's review
In regards to the near term future, the use of technical levels is set to be secondary, until the markets take in the information. Note that the rate has not been this low since the first part of 2020. Namely, the EUR/USD has passed the 2021 low level and booked a new low.Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the currency pair has broken the support of the 38.20% Fibonacci retracement level at 1.1200. There is no close by support on the daily candle chart. Most close by levels are located below 1.1000. The 1.1000 mark could act as support on its own.Daily chart
Read More: Technical Analysis
Traders are long
On Thursday, on the Swiss Foreign Exchange trader open positions were long, as 66% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 73% to buy the Euro against the USD.