Economic Calendar Analysis
This week, the top event will be the FOMC Meeting Minutes release on Wednesday at 19:00 GMT. The minutes are a protocol of the last Federal Reserve monetary policy committee meeting. They could provide more information on how the US Dollar rate setters make their decisions.
In addition, the Euro could move due to the publication of European Manufacturing and Services sector Purchasing Managers Indices. The various data sets are scheduled to be published during the morning hours from 08:15 up to 09:00 GMT.
Meanwhile, some impact could be created by the US Manufacturing and Services PMIs at 14:45 GMT.
Next week, note the upcoming Wednesday's release of US Preliminary GDP at 13:30 GMT.
EUR/USD hourly chart analysis
The ongoing surge could eventually reach the 1.0900 mark. However, it is set to face resistance zones near 1.0860, 1.0885 and just below the 1.0900 mark.On the other hand, a decline of the pair is expected to look for support in the 1.0800 level, the 50, 100 and 200-hour simple moving averages and the 1.0720/1.0740 range. Further below, note the 1.0700 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the 1.0630/1.0700 range is acting as support. It needs to fail, for the rate to approach the 1.0500 mark. On the other hand, a recovery of the pair is set to face the 100 and 200-day simple moving averages near 1.0840.In the meantime, we have spotted that the 2024 decline has occurred in a falling wedge pattern. A breaking of a wedge usually happens in a sharp move either up or down.
Daily chart
Read More: Technical Analysis
Traders go short
On Monday, traders were 50% long and short, as that amount of open position volume was in long and short positions.
Meanwhile, pending orders in the 100-pip range around the pair were 57% to buy.
On Tuesday, traders had gone short, as 55% of volume was in short positions. In the meantime, 55% of orders were to sell.