EUR/USD: the pair retains a positive bias ahead of the U.S. GDP report and FED meeting

The eurodollar pair remained in positive territory yesterday, although down from Tuesday's highs.

Indeed, the EUR/USD jumped to a peak at 1.0890 on Tuesday, before correcting to around 1.0809, and finally resumed its rise afterwards.

The relatively light news since the beginning of the week had little to do with the eurodollar's rise, which was mainly the result of a drop in the USD, in the face of a relative wave of optimism as discussions on exiting the confinement are multiplying, and some countries are finally announcing dates, such as France which appears to be lagging behind other countries.

It should be noted that Thursday will be very important, with the ECB meeting and the Eurozone's first quarter GDP. Traders will therefore need to fasten their seatbelts for this.

EUR/USD technical review

From a chart perspective, it is worth noting that Tuesday's bullish move caused a break above the 200-hour moving average, an indicator that was lost in the correction following Tuesday's peaks, and then climbed back up again.

Currently at 1.0836, this 200-hour moving average will provide immediate support, ahead of the 100-hour moving avg. at around 1.0816, and the psychological threshold of 1.08.

On the upside, Tuesday's peak and the psychological threshold of 1.09 form the first important resistance levels to look out for.

Currently, the eurodollar is trading at 1.0864 on the forex.

Hourly EUR/USD chart