Economic Calendar Analysis
Watch the US ISM services PMI release on Wednesday at 14:00 GMT. Besides this release, there are no notable events scheduled that can impact the financial markets.
EUR/USD hourly chart
A potential recovery from the 1.0700 mark could result in the rate approaching the 1.0766/1.0771 range, which might turn into resistance. Higher above, note the 50-hour simple moving average and the round levels of 1.0780 and 1.0800 that have acted as support and resistance.Meanwhile, an extension of the decline below 1.0700 might result in the EUR/USD plummeting to the weekly S2 simple pivot point at 1.0656.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, note the end of May and early June low level zone near 1.0650. This zone could once again stop a broad decline and force the rate into a surge as high as 1.1300.Daily chart
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Traders are bullish
On Tuesday, the Swiss Foreign Exchange traders were 67% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 54% to sell the Euro against the US Dollar.
On Monday, positions were 67% long and orders were 62% to sell.