Economic Calendar Analysis
On Friday, at 12:30 GMT, the United States will publish the Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
On Wednesday, watch out for the US Consumer Price Index release at 12:30 GMT. The US inflation data is bound to impact the US Dollar's value.
On the same day, at 18:00 GMT, the US Federal Reserve Meeting Minutes could cause a market reaction with new information on US monetary policy.
On Thursday, at 12:30 GMT, US inflation at the producer level will be revealed. The US Producer Price Index is set to be released at that time.
On Friday, the US Retail Sales data might cause a reaction in the financial markets at 12:30 GMT.
EUR/USD hourly chart
If the pair resumes its surge, it might be slowed down by the 1.1000 mark. Higher above, take into account the weekly R2 simple pivot point at 1.1018. Even higher, the 1.1100 level and the weekly R3 at 1.1110 could stop the pair.On the other hand, a decline is most likely going to find support in the 1.0910/1.0930 range and the weekly R1 at 1.0928.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair is respecting the previous resistance level of 1.0720/1.0725. The prior resistance has turned into support.Meanwhile, the pair has reached above the April high level at 1.0937. Above the April high, the 2023 January high at 1.1030 could stop the surge.
Daily chart
Read More: Technical Analysis
Traders are shorting
On Thursday, trader open positions were bearish, as 62% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 56% to sell the Euro against the USD.