Economic Calendar Analysis
On Tuesday, the US Prelim Nonfarm Productivity release at 12:30 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 12:30 GMT, the US Core Consumer Price Index is bound to cause USD volatility, which could impact the EUR/USD.
Afterwards, on Thursday, at 12:30 GMT, the US Producer Price Index is set to reveal more information about inflation in the United States.
EUR/USD hourly chart's review Everything being equal, the exchange rate is likely to continue to trend lower in a descending channel pattern during the following trading session. The potential target for sellers will be near the weekly S1 at 1.1712.
However, the lower boundary of the channel pattern at 1.1740 could provide support for the EUR/USD currency exchange rate in the shorter term.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the exchange rate has pierced the support zone that surrounds the 1.1750 mark. In theory, the March low level near 1.1700 could be reached.On the other hand, a potential recovery would have no technical resistance as high as the psychological level of 1.1900.
Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
On Friday, the open position volume was 53% long.
On Monday, on the Swiss Foreign Exchange traders open positions were long, as 55% of open position volume was in long positions.
Traders set up pending orders in the 100-pip range around the pair were 75% to buy the currency pair.