Economic Calendar Analysis
Watch out for the Wednesday's Federal Reserve's FOMC Meeting Minutes at 18:00 GMT.
On Thursday, the ADP Non-farm Employment Change might impact the markets through the value of the US Dollar.
On Friday, the United States are scheduled to release their monthly employment data at 12:30 GMT. Expect the data release to consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
EUR/USD hourly chart's review
If the Euro continues to surge against the US Dollar, the pair might encounter resistance in the weekly simple pivot point at 1.0469 and the 100-hour simple moving average. A move above these levels might test the 1.0485/1.0488 zone, before approaching the 1.0500 mark and the 200-hour simple moving average.Meanwhile, a decline of the pair could look for support in the 50-hour simple moving average near 1.0420. Further below, note the 1.0400 mark and the previously pierced support zone at 1.0382/1.0385.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair is facing additional resistance in the form of the 50-day simple moving average near 1.0600. Higher above, note the upper trend line of the descending channel pattern, which has guided the rate down since the start of 2022.In regards to support, note the recent and historical low level zone at 1.0340/1.0400.
Daily chart
Read More: Technical Analysis
Long sentiment increases
On the Swiss Foreign Exchange, on Friday, trader open positions were bullish, as 62% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to sell the Euro against the USD.
On Monday, trader positions were 65% long and pending orders were 60% to sell.