Economic Calendar Analysis
This week, watch out for the US Federal Reserve Federal Open Market Committee Meeting Minutes release on Wednesday at 18:00 GMT.
The meeting minutes might impact the value of the US Dollar by revealing additional details about the recent US rate hike.
EUR/USD hourly chart
A move above 1.0950 is expected to face resistance in the combination of the 100 and 200-hour simple moving averages near 1.0960, before the rate reaches the weekly simple pivot point at 1.0979 or the 1.1000 mark.On the other hand, a decline of the Euro against the US Dollar could be slowed down by the 1.0900 mark and the weekly S1 simple pivot point at 1.0893. Below these levels note the Monday's low level at 1.0880. It appears that this round level is capable of providing support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has passed below the support of the 100-day simple moving average. It was observed this week that the SMA and the 1.0950 level have started to act as resistanceMeanwhile, note the approaching 200-day simple moving average and the 1.0850 level. They could stop a decline.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Tuesday, the Swiss Foreign Exchange traders were 54% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 58% to sell the Euro against the US Dollar.