Economic Calendar Analysis
This week, on Tuesday at 14:00 GMT, the US Institute for Supply Management Purchasing Managers Index could impact the financial markets through the reveal of the situation in the US services sector and subsequently the US Dollar's value.
On Thursday, the European Central Bank is scheduled to make a rate announcement at 12:15 GMT. The market consensus currently is that the bank is set to hike 0.75%. However, take into account that the follow up press conference at 12:45 GMT might provide additional information.
EUR/USD hourly chart
A potential recovery of the Euro against the US Dollar might encounter resistance in the combination of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point in the 0.9960/0.9990 range. Higher above, note the 1.0000 mark.On the other hand, a decline of the pair further might look for support in the weekly S2 simple pivot point at 0.9812 and the 0.9800 level.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the decline of the EUR/USD has passed the July low level. Further below, the currency rate might look for support in the lower trend line of the channel down pattern.In the meantime, the resistance of the 50-day simple moving average has moved below the 1.0150 mark.
Daily chart
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Traders are long
On Friday, on the Swiss Foreign Exchange, trader open positions were bullish, as 70% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 65% to sell the Euro against the USD.
On Monday, traders were 69% long and orders were 67% to sell.