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 case of the rate passing the resistance of the 1.2240 mark, the rate could test the May high level near 1.2260. Take into account that the May high is strengthened by the weekly R1 simple pivot point at 1.2263.On the other hand, a potential decline would look for support in the 1.2200 mark. This level is supported by the 55, 100 and 200-hour simple moving averages in the 1.2204/1.2210 range. Moreover, the weekly simple pivot point could provide support at 1.2198.
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.
On Tuesday, the sentiment increased to 65% short.
In addition, on Tuesday, trader set up pending orders in the 100-pip range around the pair were 58% to sell the pair.