Economic Calendar Analysis
This week, on Tuesday, at 12:30 GMT the US Consumer Price Index is bound to cause USD volatility, which could impact the EUR/USD.
Afterwards, on Wednesday, at 12:30 GMT, the US Producer Price Index is set to reveal more information about inflation in the United States.
On Friday, the release of the US Retail Sales data at 12:30 GMT could also cause an increase of volatility.
EUR/USD hourly chart's review
In theory, the currency exchange rate should surge up to the weekly R1 simple pivot point at 1.1923. However, note that the rate could find resistance in the round level of 1.1900.On the other hand, a potential decline would find support in the weekly simple pivot point at 1.1852 and the 55 and 200-hour simple moving averages near the 1.1850 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has breached the support zone that surrounds the 1.1850 mark. In theory, the March low level near 1.1700 could be reached during the following trading sessions.However, a potential recovery would have no technical resistance as high as the 1.2000 level, where a 23.60% Fibonacci retracement level is located together with the 100 and 200-day simple moving averages.
Daily chart
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Traders are long on EUR/USD
On Monday, on the Swiss Foreign Exchange traders open positions were long, as 61% of open position volume was in long positions.
On Friday, the open position volume was 59% long.
On Monday, trader set up pending orders in the 100-pip range around the pair were 61% to sell the pair and 39% to buy the EUR/USD.