Economic Calendar Analysis
This week, the US Advance GDP release at 12:30 on Thursday is bound to impact the value of the US Dollar.
However, the top event of the week will be the US Core PCE Price Index release at 12:30 GMT. The US Federal Reserve looks at this inflation indicator for future guidance of their monetary policy.
EUR/USD hourly chart
A move above 1.1060 might be slowed down by the 1.1080 and 1.1100 levels, before approaching the weekly R3 simple pivot point at 1.1112. Note that the 1.1080 level ended and reversed the pair's early April surge.On the other hand, a bounce off from the resistance could look for support in the weekly R1 simple pivot point and the 50-hour simple moving average near 1.1020. Further below, note the 1.1000 mark, the 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.0965.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair appears to be surging in a channel up pattern that is aimed at the early 2022 low and high level zone at 1.1130/1.1190.Daily chart
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Traders are shorting
On Wednesday, trader open positions were bearish, as 64% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 55% to sell the Euro against the USD.
On Tuesday, open positions were still 63% short and orders were 56% to buy.