Economic Calendar Analysis
This week, the rate could react to European and United States data releases.
On Tuesday, note the European Manufacturing and Services sector Purchasing Managers Index releases from 07:15 up to 08:00 GMT.
At 13:45 GMT, the US PMIs will be published and are expected to impact the US Dollar.
On Wednesday, some market analysts expect the German ifo Business Climate survey results to impact the value of the Euro.
Also on Wednesday, at 20:35 GMT, the head of the Federal Reserve Jerome Powell is set to speak publicly. However, he is going to give open remarks at a Lecture for Social Science and Public Policy not a monetary policy event.
On Thursday, the markets are set to react to the US Advance GDP data publication at 12:30 GMT.
However, before that, the European Central Bank will publish its Main Refinancing Rate. The central bank is set to keep rates unchanged at 4.50%, as the ECB considers its battle with inflation over.
On Friday, the US Core PCE Price Index data will impact the value of the US Dollar. The US monetary policymakers watch the Personal Consumption Expenditures data to adjust their policy. The data shows inflation at the consumer level. Namely, how the average person has been impacted by the inflation during the last month.
EUR/USD hourly chart
A move above 1.0620 could result in the rate facing the combined resistance of the weekly R1 simple pivot point at 1.0639, the October high level zone at 1.0635/1.0640. In addition, note the ascending upper trend line of the channel up pattern.In the meantime, a decline of the Euro against the US Dollar is set to look for support in the 50-hour simple moving average near 1.0580. Further below, take into account the weekly simple pivot point at 1.0571, the 100 and 200-hour simple moving averages near it and the support and resistance zone at 1.0555/1.0565.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has broken the channel down pattern that had guided the rate down from mid-July up to start of October.Currently, the pair is testing the resistance of the May low levels and the October high levels. Moreover, this zone held in mid-September. Meanwhile, it is being approached by the 50-day simple moving average that could force the EUR/USD into resuming its decline.
Daily chart
Read More: Technical Analysis
Traders are long
This Monday, the Swiss Foreign Exchange traders were 56% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 59% to buy the Euro against the US Dollar.