Economic Calendar Analysis
This week, the top event will be the FOMC Meeting Minutes release on Wednesday at 19:00 GMT. The minutes are a protocol of the last Federal Reserve monetary policy committee meeting. They could provide more information on how the US Dollar rate setters make their decisions.
In addition, the Euro could move due to the publication of European Manufacturing and Services sector Purchasing Managers Indices. The various data sets are scheduled to be published during the morning hours from 08:15 up to 09:00 GMT.
Meanwhile, some impact could be created by the US Manufacturing and Services PMIs at 14:45 GMT.
EUR/USD hourly chart analysis
A move below the 1.0750 level could result in the pair looking for support in the 1.0720/1.0740 range. Further below, note the weekly S1 simple pivot point at 1.0711 and the 1.0700 mark. Both of these levels could stop the rate during this week.In the meantime, a recovery of Euro against the US Dollar is set to test the 1.0790 level and the resistance range near 1.0800. Higher above, note the weekly R1 simple pivot point at 1.0822 and the weekly R2 simple pivot point at 1.0869.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the 1.0630/1.0700 range is acting as support. It needs to fail, for the rate to approach the 1.0500 mark. On the other hand, a recovery of the pair is set to face the 100 and 200-day simple moving averages near 1.0840.In the meantime, we have spotted that the 2024 decline has occurred in a falling wedge pattern. A breaking of a wedge usually happens in a sharp move either up or down.
Daily chart
Read More: Technical Analysis
Traders are neutral with buy orders
On Monday, traders were 50% long and short, as that amount of open position volume was in long and short positions.
Meanwhile, pending orders in the 100-pip range around the pair were 57% to buy.