Economic Calendar Analysis
During the week, noteworthy events start on Tuesday at 15:00 GMT, as at that time the US Institute for Supply Management Services sector Purchasing Managers Index is set to be released.
On Wednesday, at 13:15 GMT the US ADP Non-Farm Employment Change could impact the markets by revealing surprise information about the US job market. In addition, on the same day at 15:00 GMT, the JOLTS Job Opening data will show, how many jobs are open. The data indicates, how active the economy is.
On Thursday, this pair is set to move due to the European Central Bank announcing its Main Refinancing Rate at 13:15 GMT.
Top event of the week is scheduled for Friday at 13:30 GMT. The United States employment data sets are going to impact the financial markets. The release consists of Average Hourly Earnings change, Non-Farm Employment Change and the Unemployment Rate.
EUR/USD hourly chart analysis
If the pair once again bounces off the 1.0860/1.0890 range, support could be found in the combination of the 50, 100 and 200-hour simple moving averages near the weekly simple pivot point at 1.0833. Below these levels, note the 1.0800 mark and the weekly S1 simple pivot point at that level.On the other hand, a potential breaking of the 1.0860/1.0890 range and the weekly R1 simple pivot point is expected to approach the combined resistance of the weekly R2 simple pivot point at 1.0903 and the 1.0900 level.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the 1.0630/1.0700 range is acting as support. It needs to fail, for the rate to approach the 1.0500 mark.On the other hand, the rate is facing the combined resistance of the 50, 100 and 200-day simple moving averages. These levels have to be broken, before a broader recovery takes place.
Daily chart
Read More: Technical Analysis
Traders are short
On Friday, traders were 62% short, as that amount of open position volume was in short positions.
Meanwhile, pending orders in the 100-pip range around the pair were 59% to buy.
On Monday, traders were already 65% short and orders were 57% to sell.