In regards to the future, the Federal Reserve is about to impact the markets.
Economic Calendar Analysis
This week, the top fundamental event will take place. The United States Federal Reserve will announce its monetary policy on Wednesday at 18:00 GMT. In addition, the event will be followed by the press conference with the Chairman of the Fed Jerome Powell.
However, up to the event markets might be surprises by large deviations from forecasts in the US ADP Non-Farm Employment Change at 12:15 GMT and the combined release of JOLTS Job Openings and ISM Manufacturing PMI at 14:00 GMT.
After the central bank events, on Friday, note that the markets will move due to the publication of the US monthly Employment data at 12:30 GMT.
EUR/USD hourly chart analysis
A potential surge above 1.0740 is set to face resistance in the weekly R1 at 1.0755, before the 1.0800 would be tested.On the other hand, a decline of the currency pair has to pass below the 1.0675/1.0700 range, the 200-hour simple moving average and the weekly simple pivot point.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate is above the 1.0635/1.0700 range. The range is once again acting as support. It did not stop the pair's recovery and turn into resistance, as it was speculated two weeks ago.The ongoing surge could eventually face the additional resistance form the 50, 100 and 200-day simple moving averages that are located near the 1.0800 mark.
Daily chart
Read More: Technical Analysis
Traders reduce bullish view
On Tuesday, traders were 58% bullish as that amount of open position volume was in long positions.
Meanwhile, pending orders in the 100-pip range around the pair were 52% to sell.
Last Wednesday, traders were also long. 65% of open positions were long and pending orders were 54% to sell.