Economic Calendar Analysis
This week, there are couple of events that might cause minor reactions in the Forex market.
On Thursday, the US weekly Unemployment claims could create a minor reaction in the US Dollar. However, by large this event is being ignored by the markets, unless there is a large discrepancy from forecasts.
Also on Thursday, note that the head of the Federal Reserve Jerome Powell is set to speak at a public event at 16:00 GMT. However, it is a luncheon event at the New York Economic Club, which makes the possibility of him speaking on policy quite low.
EUR/USD hourly chart
In the case of a decline of the currency rate the pair would have to pass below the 50-hour simple moving average at 1.0535, before approaching the support of the 1.0500 mark.However, if the pair surges higher, it would have to break the resistance of the 1.0555/1.0565 range and the combination of the 100 and 200-hour simple moving averages at 1.0560.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the decline continues in a large scale channel down pattern. Recently, the pair reached and bounced off the pattern's resistance, before resuming to decline.Daily chart
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Traders are long
On Tuesday, the Swiss Foreign Exchange traders were 59% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 58% to sell the Euro against the US Dollar.