Economic Calendar Analysis
Watch out for the US Consumer Price Index at 12:30 GMT. The inflation data will reveal whether the Fed is managing to fight inflation or not.
On August 11, the markets will look at the UK GDP for signs of recession at 06:00 GMT and the US Producer Price Index at 12:30 GMT to analyse potential consumer price increases in the future.
EUR/USD hourly chart
A decline below 1.0970 might look for support in the 1.0935/1.0950 range, before reaching the weekly S1 simple pivot point at 1.0928. Further below, note the 1.0900 mark, the weekly S2 simple pivot point at 1.0853 and the 1.0850 level.On the other hand, a recovery of the Euro against the US Dollar would face the 1.1000 mark and the 200-hour simple moving average, prior to testing the 1.1030/1.1045 range. Meanwhile, note that the weekly simple pivot point at 1.0987 fails to impact the pair.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has been declining since the attempt to pass above 1.1250. Previously, the currency pair reached the combined support of the 1.0950 level, the 50 and 100-day simple moving averages and the lower trend line of a channel up pattern.Last week, it appeared that the support had partially failed, as the trend line was pierced. However, the moving averages were still acting as support. On Thursday, the moving averages also failed. It appears that the combination of the 1.0850 level and the 200-day SMA are the next target.
Daily chart
Read More: Technical Analysis
Traders are neutral
Since Thursday, the Swiss Foreign Exchange traders were 52% in long positions.
Meanwhile on Monday, trader set up pending orders in a 100-point range around the current rate were 58% to buy the Euro against the US Dollar. The orders were to sell during the previous week.