However, the rate found resistance in the 55-hour simple moving average. The SMA caused a decline that on Friday was heading to the 1.1800 mark.
Economic Calendar Analysis
On Tuesday, the US ISM Services Purchasing Managers Index release at 14:00 GMT could cause a minor move on USD pairs. However, note that during most times the event does not cause an increase of volatility.
On Wednesday, at 18:00 GMT, the Federal Open Market Committee is set to publish its Meeting Minutes. Note that it will be just the meeting minutes for the previous meeting. There is no rate announcement or statement being published. Namely, the meeting minutes will have more detailed information about the previous decision of the Federal Reserve.
On Thursday, the US Unemployment Claims at 12:30 GMT could cause a minor move on USD pair and commodity price charts.
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 that the rate passes the support of the 1.1800 level, it would look for support in the 1.1793 level, where the weekly S2 simple pivot point was located at on Friday.On the other hand, a potential recovery, the rate would encounter resistance in the 1.1840 level and the 55-hour simple moving average at 1.1862.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has passed the support zone that surrounds the 1.1850 mark. In theory, the March low level near 1.1700 could be reached.Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
On Thursday, on the Swiss Foreign Exchange trader open positions were long, as 58% of open position volume was in long positions.
On Friday, the open position volume was 57% long.
On Friday, trader set up pending orders in the 100-pip range around the pair were 68% to buy the pair. The orders were 58% to buy on Thursday.