Economic Calendar Analysis
This week, the financial markets could react to a couple of United States macroeconomic events.
First of all, the publication of the US Final GDP data on Thursday at 12:30 GMT could cause a move via an adjustment of the USD value.
On Friday, the top event of the week will take place, as the US Core PCE Price Index is scheduled to be released. The PCE Price Index is the top inflation measurement.
EUR/USD hourly chart analysis
An extension of the ongoing recovery could face resistance in the combination of the 1.0850 level, the weekly simple pivot point at 1.0850 and the 100-hour simple moving average. Higher above, note the 200-hour SMA.On the other hand, a decline of the Euro against the US Dollar could once again look for support in the 1.0800 mark. Below the round level, note the descending trend line that has acted as support to the rate.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has passed another daily moving average. The 50-day SMA has failed. However, the 200-day SMA is still holding, as it is acting as support at 1.0804.Daily chart
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Traders are short
On Friday, traders were 54% short, as that amount of open position volume was in short positions.
Meanwhile, pending orders in the 100-pip range around the pair were 67% to buy.
On Monday, traders were 55% short and orders were 58% to sell.