Economic Calendar Analysis
This week's notable events are over.
EUR/USD hourly chart analysis
A move above the 1.1040/1.1060 zone and the 200-hour simple moving average might be slowed down by the weekly simple pivot point at 1.1088, before reaching the 1.1100 mark.In the meantime, a decline of the Euro against the US Dollar could result in the rate finding support near the 1.1020 level in the form of the 50-hour simple moving averages and the weekly S1 simple pivot point at. Below these levels, the 1.1000 mark is set to provide support, before the rate reaches the lower trend line of the broad channel down pattern.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has passed below the support range of 1.1025/1.1050. It appears taht this zone could not hold for another time.Daily chart
Read More: Technical Analysis
Traders remain short
This week, on Monday, traders were bearish, as 67% of volume was in short positions.
Meanwhile, pending orders in the 100-base point range around the pair were 73% to sell.
On Thursday, traders were 68% short and orders were 57% to sell.