Economic Calendar Analysis
On Thursday, the US weekly Unemployment claims could create a minor reaction in the US Dollar at 12:30 GMT. However, by large this event is being ignored by the markets, unless there is a large discrepancy from forecasts.
Also on Thursday, note that the head of the Federal Reserve Jerome Powell is set to speak at a public event at 16:00 GMT. However, it is a luncheon event at the New York Economic Club, which makes the possibility of him speaking on policy quite low.
EUR/USD hourly chart
An extension of the ongoing surge would have to break the 1.0600 mark and the weekly R1 simple pivot point, before approaching the October high level range at 1.0635/1.0640.On the other hand, a decline of the pair is expected to look for support in the 100-hour simple moving average and the weekly simple pivot point at 1.0550. Further below, note the last week's low levels at 1.0495/1.0500.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the decline continues in a large scale channel down pattern.Daily chart
Read More: Technical Analysis
Traders are long
This week, the Swiss Foreign Exchange traders were 58% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 59% to buy the Euro against the US Dollar.