Economic Calendar Analysis
There is one major notable event to watch this week. The US Employment data sets on Friday at 12:30 GMT are most likely going to impact the EUR/USD currency exchange rate.
Namely, the release of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate have caused EUR/USD moves from 20.2 to 75.1 pips since January.
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 near term future, the rate could decline, as it faced the resistance of the 100 and 200-hour simple moving averages near 1.2210. A potential decline would once again test the 1.2160 support zone and afterwards the Friday's low level at 1.2133.On the other hand, the rate could break the resistance of the 100 and 200-hour SMAs and surge. A move up could find resistance in the 1.2240 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate remains in a large scale channel up pattern, which has guided the rate since April. However, note that the rate pierced the lower trend line of the pattern and shortly traded below it on Friday.Daily chart
Read More: Technical Analysis
Traders remain short
Since Friday, on the Swiss Foreign Exchange trader open positions were short, as 63% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 58% to buy the pair.