The support and resistance levels should be looked at for guidance of the rate's future direction.
US ISM Manufacturing PMI
The European Common Currency depreciated against the US Dollar, following the US ISM Manufacturing PMI survey results release on Monday at 15:00 GMT. The EUR/USD exchange currency rate lost 11 pips or 0.10% after the release. The Euro continued trading at the 1.1045 level against the Greenback after the release.
The Institute for Supply Management (ISM) released the US ISM Manufacturing PMI survey results data, which came out better-than-expected of 50.9 compared with the forecast of 48.5.
Timothy R. Fiore, the Chair of the ISM Manufacturing Business Survey Committee commented on the data: "Global trade remains a cross-industry issue, but many respondents were positive for the first time in several months. Among the six big industry sectors, Food, Beverage & Tobacco Products remains the strongest, followed closely by Computer & Electronic Products. Petroleum & Coal Products is the weakest. Overall, sentiment this month is moderately positive regarding near-term growth."
Economic Calendar Analysis
Note that on Wednesday, at 13:15 GMT the ADP Non-Farm Employment Change is scheduled to be published. However, with an exception in December, the event has not caused an increase of volatility on USD pairs.
On Wednesday, at 15:00 GMT the US ISM Non-Manufacturing Purchasing Managers Index is set to be released.
Last but not least, on Friday, at 13:30 GMT the US will release their employment data. The release will consist of three data sets from the US – Average Earnings Change, Unemployment Rate and Non-Farm Employment Change.
Data tables with the week's event historical reactions have been published. Click on the name of the publication to view it.
EUR/USD hourly chart's review
By the middle of Tuesday's GMT trading hours, the EUR/USD traded between the support of the 100 and 200-hour simple moving averages near 1.1040 and the resistance of the simple weekly pivot point at 1.1061 and the 55-hour SMA at 1.1062.If the resistance levels are passed, the rate would aim at the monthly simple pivot point at 1.1104. On the other hand, if the pair passes the two SMAs below it, it would look for support in the weekly S1 pivot point at 1.1026.
Hourly Chart
On the daily candle chart, the pair has declined below the support of the 100-day SMA, which already failed on Monday.
Meanwhile, the 1.1100 level's resistance is being strengthened by the 55-day simple moving average.
Daily chart
Since the middle of Monday's GMT hours, 60% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, set up pending orders were neutral, as 51% of orders in the 100-pip range were to buy and 49% were to sell.