Economic Calendar Analysis
On Thursday, the European Central Bank is set to make a rate statement and release its monetary policy statement. This event is set to reveal how the central bank would manage the supply of the Euro.
On Friday, all Euro pairs are set to be impacted by the monthly release of the Markit Purchasing Managers Indices. Starting from 07:15 GMT up to 08:00 GMT the French, German and Euro Zone PMIs are set to be released. The combined release of all the data had caused moves of up to 60 pips.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
In the case of the surge continuing, the pair could find resistance in the weekly R2 simple pivot point at 1.2075 and afterwards the 1.2100 level, which provided resistance in early March.On the other hand, a potential decline could look for support in the zone just below the 1.2000 mark and the 55 and 100-hour simple moving averages.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has pierced the resistance of the 55-day simple moving average, the 23.60% Fibonacci retracement level, the 1.2000 mark.However, on Monday, the rate encountered the resistance of the 100-day simple moving average, which was located at 1.2056. This SMA could cause a consolidation of the rate.
Daily chart
Read More: Technical Analysis
Traders are short on EUR/USD
On Monday, on the Swiss Foreign Exchange trader open positions were short, as 58% of open position volume was in short positions.
On Friday, 60% of volume was short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 71% to sell the pair.