Economic Calendar Analysis
On Thursday, the ECB Main Refinancing Rate and the Monetary Policy Statement are expected to move the value of the Euro.
On Friday, the US Consumer Price Index release at 12:30 GMT is set to impact all financial markets through the value of the USD.
EUR/USD hourly chart's review
If the Euro recovers against the US Dollar, the pair would have to pass the 1.0740/1.0760 zone, before reaching the 1.0800 mark and the weekly R1 simple pivot point at 1.0813.On the other hand, a decline of the pair is expected to look for support in the 1.07000 mark and the 50-hour simple moving average, before reaching the weekly simple pivot point at 1.0684.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, if the pair continues to surge, the upper trend line of the 2022 channel down pattern near 1.0750/1.0800 is expected to act as resistance.Daily chart
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Traders are slightly long
On Friday, on the Swiss Foreign Exchange, trader open positions were bullish, as 54% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 56% to buy the Euro against the USD.
On Monday, 55% of volume was long and pending orders were 50% to buy and sell.