Economic Calendar Analysis
On Wednesday, at 13:15 GMT the US ADP Non-Farm Employment Change could impact the markets by revealing surprise information about the US job market. In addition, on the same day at 15:00 GMT, the JOLTS Job Opening data will show, how many jobs are open. The data indicates, how active the economy is.
On Thursday, this pair is set to move due to the European Central Bank announcing its Main Refinancing Rate at 13:15 GMT.
Top event of the week is scheduled for Friday at 13:30 GMT. The United States employment data sets are going to impact the financial markets. The release consists of Average Hourly Earnings change, Non-Farm Employment Change and the Unemployment Rate.
EUR/USD hourly chart analysis
If the pair once again bounces off the 1.0860/1.0890 range, support could be found in the combination of the 50, 100 and 200-hour simple moving averages near the weekly simple pivot point at 1.0833. Below these levels, note the 1.0800 mark and the weekly S1 simple pivot point at that level.On the other hand, a potential breaking of the 1.0860/1.0890 range and the weekly R1 simple pivot point is expected to approach the combined resistance of the weekly R2 simple pivot point at 1.0903 and the 1.0900 level.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD is above the 50- day simple moving average, but appears to be still facing the 100-day SMA. A move above these technical indicators could signal a surge to first the 1.1000 mark and afterwards the marked zones higher above.Daily chart
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Traders are short
Since Monday, traders were 65% short, as that amount of open position volume was in short positions.
Meanwhile, pending orders in the 100-pip range around the pair were 74% to sell.
It appears that traders are expecting the rate to fail at its recovery.