Due to these reasons, the rate has already reached below 1.0700, compared to the near 1.0900 levels of April 9. During Friday's mid-trading hours, the rate had reached the weekly S2 simple pivot point at 1.0660.
Economic Calendar Analysis
Next week, notable data releases start already on Monday. At 12:30 GMT, the US Retail Sales data will be published. Higher than expected retail sales indicate at potential increase in inflation. Retailers could increase prices and cause inflation while consumer demand is strong.
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
A move below 1.0660 could look for support in the descending trend line that has provided support during the pair in March. However, the trend line could just slow down the rate until the pair reaches the 1.0600 mark and the weekly S3 simple pivot point at 1.0596.On the other hand, a recovery of the Euro against the US Dollar could pause at the 1.0680 level, before testing the 1.0700 mark as resistance. Higher above, note the descending 50-hour simple moving average, the weekly S1 simple pivot point at 1.0748 and the 1.0750 level.
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 go long on EUR/USD
On Monday, traders were 51% short as that amount of open position volume was in bearish positions.
Meanwhile, pending orders in the 100-pip range around the pair were 64% to buy.
On Friday, after the fundamental evens, traders were 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.