In the meantime, it was observed that since Wednesday traders have closed their short positions and opened long positions, as traders have gone from 57% short to 55% long.
Economic Calendar Analysis
This week, the top event will be the Thursday's European Central Bank interest rate announcement at 12:15 GMT. The Euro is bound to move during the publication and the follow-up conference at 12:45 GMT.
From the US Dollar's side, the markets could react on Thursday at 12:30 GMT to the publication of the US monthly Retail Sales data and weekly Unemployment Claims.
EUR/USD hourly chart analysis
In the near term future, the pair could look for support in the 1.0900 mark. If this level fails to hold, the rate could look for support in the weekly S1 simple pivot point at 1.0891. A failure of the pivot point might result in a decline to the 1.0850 level and the weekly S2 simple pivot point at 1.0847.On the other hand, a recovery of the Euro against the US Dollar might be slowed down by the 50 and 100-hour simple moving averages and the weekly simple pivot, before the rate reaches the 1.0950/1.0955 range. Higher above, note the 200-hour simple moving average, the weekly R1 simple pivot point and the 1.1000 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has passed the 100-day simple moving average. Next support on this pair is the 200-day simple moving average near 1.0880.By analysing the chart, it can be the case that the rate finds support near 1.0800, before approaching the major support zone at 1.0635/1.0700.
Daily chart
Read More: Technical Analysis
Traders close shorts, open long positions
On Monday, traders were bullish, as 55% of volume was in long positions.
On Wednesday, traders were 57% short.
Meanwhile, pending orders in the 100-point range around the current rate were 65% to sell the Euro against the USD.