Economic Calendar Analysis
This week, on Tuesday the CB Consumer Confidence and JOLTS Job Opening data sets could impact the markets via the US Dollar at 14:00 GMT.
On Wednesday, take into account that the Euro is highly likely going to adjust to the publication of the German and Spanish Consumer Price Index data sets.
Also on Wednesday, the US ADP Non-farm Employment Change number could impact the US Dollar's value at 12:15 GMT. However, more impact might be caused by the US Preliminary GDP publication at 12:30 GMT.
On Thursday, the US Core PCE Price Index should cause a USD move. Although, the head of the Federal Reserve Jerome Powell has already commented on the data during the Jackson Hole symposium. Due to this reason there might be no currency adjustment.
On Friday, the US monthly employment data will be released at 12:30 GMT. The release will consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
In addition, also on Friday, note the US Institute for Supply Management Manufacturing Purchasing Managers Index release at 14:00 GMT.
EUR/USD hourly chart
A move above 1.0820 could encounter resistance in the combination of the weekly simple pivot point at 1.0829 and the 100-hour simple moving average, before reaching the 1.0835/1.0845 range. Higher above, take into account the 200-hour simple moving average near the 1.0860 level.A move below the 1.0800 mark's support is expected to aim at the Friday's low level at 1.0766. However, take into account that the 1.0780 level acted as support during early Friday's trading hours. Below 1.0766, the weekly S1 simple pivot point could act as support at 1.0728.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, note the 1.0750 level and the support and resistance zone located at it. The 1.0750 level marks the end of 2022 high level, which has continued to impact the rate throughout 2023.On the other hand, take into account the 200, 100 and 50-day simple moving averages near 1.0860, 1.0915 and 1.0980.
Daily chart
Read More: Technical Analysis
Traders are bullish
On Monday, the Swiss Foreign Exchange traders were 65% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 59% to sell the Euro against the US Dollar.