Economic Calendar Analysis
On Thursday, a minor move could occur due to the weekly Unemployment Claims release at 12:30 GMT. More employed people indicate at more consumer demand that also pushes prices higher.
EUR/USD hourly chart analysis
In the near term future, the rate could be pushed down by the 50-hour simple moving average. A resumption of the decline could still find support in the descending trend line, before the rate reaches the 1.0600 mark that has acted as support in the past. Below these levels, take into account the weekly S1 simple pivot point at 1.0546 and the 1.0550 level.On the other hand, a recovery of the Euro against the US Dollar would have to break the 50-hour SMA, the 1.0700 mark and the weekly simple pivot point at 1.0715. In addition, note the descending 100-hour simple moving average that could strengthen the weekly simple pivot point. Higher above, note the combination of the 200-hour SAM, the 1.0800 mark and the weekly R1 simple pivot point at 1.0808.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has bounced off the 100-day simple moving average and plummeted to the support of the 1.0635/1.0700 range.Below the support range, the pair could find support in the lower trend line of a channel down pattern and the 1.0520/1.0535 range that captures an early 2023 low level range.
Daily chart
Read More: Technical Analysis
Traders remain long
On Monday, traders were 65% bullish as that amount of open position volume was in long positions.
Meanwhile, pending orders in the 100-pip range around the pair were 53% to sell.
On Friday, after the US CPI and PPI releases, traders went long. 65% of open positions were long and pending orders 51% to sell.
It appears that there are traders that expect a recovery of the rate after the ongoing decline.