Economic Calendar Analysis
This week, on Tuesday at 14:00 GMT, the US Institute for Supply Management Purchasing Managers Index could impact the financial markets through the reveal of the situation in the US services sector and subsequently the US Dollar's value.
On Thursday, the European Central Bank is scheduled to make a rate announcement at 12:15 GMT. The market consensus currently is that the bank is set to hike 0.75%. However, take into account that the follow up press conference at 12:45 GMT might provide additional information.
EUR/USD hourly chart
A move above the technical levels at 0.9980 could encounter resistance in the 1.0000 mark. Higher above, note the weekly R1 simple pivot point at 1.0050.On the other hand, a resumption of the Euro's decline against the US Dollar might once again look for support in the 0.9900/0.9915 zone, prior to approaching the weekly S1 simple pivot point and the 0.9880 level. In the meantime, note that the rate has been ignoring the 50-hour simple moving average.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the decline of the EUR/USD has passed the July low level. Further below, the currency rate might look for support in the lower trend line of the channel down pattern.In the meantime, the resistance of the 50-day simple moving average has moved below the 1.0150 mark.
Daily chart
Read More: Technical Analysis
Traders are long
On Tuesday, on the Swiss Foreign Exchange, trader open positions were bullish, as 68% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 69% to sell the Euro against the USD.
On Monday, traders were 69% long and orders were 67% to sell.