However, the situation changed on Tuesday at 14:00 GMT. At 14:00 GMT, the Job Openings and Labor Turnover Survey results were published. It revealed that in the United States instead of 9.49 million job openings there are only reportedly 8.83 million jobs available.
Due to the news, the US Dollar plummeted in value. Over the span of five minutes the Dollar index lost 0.38% or almost 40 base points. The decline was attributed to the fact that weak US economic data indicates that the US Federal Reserve would not need to tighten monetary policy as much as previously expected.
Economic Calendar Analysis
On Wednesday, take into account that the Euro is highly likely going to adjust to the publication of the German and Spanish Consumer Price Index data sets.
Also on Wednesday, the US ADP Non-farm Employment Change number could impact the US Dollar's value at 12:15 GMT. However, more impact might be caused by the US Preliminary GDP publication at 12:30 GMT.
On Thursday, the US Core PCE Price Index should cause a USD move. Although, the head of the Federal Reserve Jerome Powell has already commented on the data during the Jackson Hole symposium. Due to this reason there might be no currency adjustment.
On Friday, the US monthly employment data will be released at 12:30 GMT. The release will consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
In addition, also on Friday, note the US Institute for Supply Management Manufacturing Purchasing Managers Index release at 14:00 GMT.
EUR/USD hourly chart
A continuation of the EUR/USD decline could look for support in the Friday's low level at 1.0766. Below the low level, take into account the weekly S1 simple pivot point at 1.0728. However, the 1.0740 level has acted as support and resistance during June of 2023. The round level could once again impact the rate.On the other hand, a recovery of the Euro against the US Dollar would face resistance in the 1.0800 mark and the 50 and 100-hour simple moving averages near 1.0810 and 1.0820. Higher above, note the weekly simple pivot point at 1.0829 and the 1.0835/1.0845 zone.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, note the 1.0750 level and the support and resistance zone located at it. The 1.0750 level marks the end of 2022 high level, which has continued to impact the rate throughout 2023.On the other hand, take into account the 200, 100 and 50-day simple moving averages near 1.0860, 1.0915 and 1.0980.
Daily chart
Read More: Technical Analysis
Traders are bullish
On Monday, the Swiss Foreign Exchange traders were 65% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 59% to sell the Euro against the US Dollar.
On Tuesday, traders were 66% long and orders were 60% to sell.