Economic Calendar Analysis
This week, the financial markets could be moved by fundamental data releases starting from Tuesday. On that day, the JOLTS Job Openings data could impact the value of the US Dollar.
On Wednesday, the top event of them all is set to take place. The release of the US Federal Reserve Federal Funds Rate and the FOMC Statement at 19:00 GMT. Afterwards, at 19:30 GMT, the head of the Federal Reserve Jerome Powell is set to host a press conference.
Note that the ADP Non-farm Employment Change publication is also scheduled for Wednesday. It is most likely that I won't cause an impact, as the markets will wait for the Fed rate.
On Thursday, the US ISM Manufacturing Purchasing Managers Index is set to be published at 15:00 GMT. A big deviation from the forecast could cause a market reaction
On Friday, at 13:30 GMT, the US Employment data sets will be released and they are set to impact the market. The release consists of Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings month on month difference.
EUR/USD hourly chart analysis
An extension of the ongoing decline is set to look for support in the 1.0800 mark and the weekly S1 simple pivot point at 1.0798. Further below, note the weekly S2 near 1.0750.In the case of a Euro recovery against the Dollar, the pair would face the 1.0820/1.0830 range. Higher above, note that the 50, 100 and 200-hour simple moving averages have been declining. In addition, there is a trend line that connects recent lower and lower high levels. Moreover, the weekly simple pivot point could act as resistance at 1.0865. All of these technical levels might stop a recovery, before the 1.0900 mark is reached.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the lower trend line of the channel pattern and the 50-day simple moving average have failed to hold through the last decline. After the breaking of the pattern, the 200-day simple moving average appeared to be acting as support.Most recently, the 200-day SMA also failed. The 100-day SMA was tested on Monday. It could be that the pair is forming a new channel down pattern.
Daily chart
Read More: Technical Analysis
Traders are shorting
On Monday, traders were 51% short, as that proportion of all open position volume was in short positions.
Meanwhile, pending orders in the 100-pip range around the pair were 58% to buy.