Economic Calendar Analysis
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EUR/USD hourly chart's review
In the near term future, if the currency pair surges, it would have to pass the resistance cluster of the 55– and 100– hour simple moving averages near the 1.1815 level.On the other hand, a passing of the support level formed by the lower line of the channel pattern near 1.1790 would immediately find support in the weekly support level at 1.1758.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the channel down pattern appears to have held the recent tests of its upper trend line. In the case that the pattern holds, the 2021 low levels near 1.1700 could be reached.Meanwhile, a potential move above the upper trend line of the pattern 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
Read More: Technical Analysis
Long sentiment grows
On Friday, on the Swiss Foreign Exchange traders, open positions were long, as 61% of open position volume was in long positions.
On Monday, the open position volume changed and was 62% long.
On Monday, traders set up pending orders in the 100-pip range around the pair were 52% to buy the pair and 48% to sell the EUR/USD.