Economic Calendar Analysis
On Tuesday, the CB Consumer Confidence index might impact the markets via an adjustment of the US Dollar's value at 14:00 GMT.
On Thursday, the markets might react to the publication of the US Final GDP data release. However, the Final release is the one with the less impact of the three US GDP releases.
On Friday, at 12:30 GMT, the US Core PCE Price Index is set to reveal how the consumer goods prices are doing in the USA. The markets expect an increase of 0.2%.
EUR/USD hourly chart analysis
A recovery of the Euro against the US Dollar might be slowed down by the weekly simple pivot point at 1.1140 and the 100-hour simple moving average. Higher above, the 50-hour SMA could act as resistance, before the rate approaches the 1.1200 mark. Meanwhile, note that the 1.1160/1.1175 range is no longer impacting the pair.On the other hand, a decline of the pair might result in the pair looking for support in the 200-hour SMA and the 1.1100 mark. Further below, take into account the weekly S1 simple pivot point at 1.1090. If these levels, fail, the rate is expected to look for support near the 1.1080 level and the 1.1040/1.1060 range.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has returned to the 1.1130/1.1200 resistance zone that kept the pair down in August and September.Meanwhile, take into account that the 1.1005 level acted as resistance in early August and then as support in mid-September. It appears that it might be the upper border of a support and resistance zone.
Daily chart
Read More: Technical Analysis
Traders remain short
This week, on Monday, traders were bearish, as 71% of volume was in short positions.
Meanwhile, pending orders in the 100-base point range around the pair were 55% to sell.
On Thursday, traders were 73% short and orders were 56% to sell.